WARNING: BILT CREDIT CARD HACKED? | Summary and Q&A

TL;DR

Fraudulent charges are plaguing Built MasterCard users, but the company is addressing the issue and taking steps to resolve it.

Key Insights

• 🏛️ Fraudulent charges have been reported on Built MasterCard accounts, affecting Wells Fargo cardholders.
• 🧗 The fraud is due to a global fraud ring conducting bin attacks, testing card numbers to find working ones.
• 👶 Built and Wells Fargo are addressing the issue by removing fraudulent charges and providing new cards.
• ⌛ Adding the Built MasterCard to Apple Pay can help customers monitor charges in real-time.
• 💳 Credit card fraud is a prevalent issue, with a high percentage of Americans being victims in recent years.
• 💪 Building strong security measures, such as using password generators and two-factor authentication, can help protect against fraud.
• 😡 Identity theft and fraud affect a wide range of age groups, with those aged 20 to 49 being the most affected.

Transcript

ladies and gents welcome back to another video so in my hand right here we got the built MasterCard but something has been happening it hasn't been good it turns out a lot of people who are actually getting this card right now are getting fraudulent charges placed on their account now we've been getting some data points over the past week that you ... Read More

Questions & Answers

Q: What is the reason behind the fraudulent charges on Built MasterCard accounts?

The fraudulent charges are a result of a global fraud ring conducting bin attacks, where compromised merchants test millions of potential card numbers to find working ones.

Q: How are Built and Wells Fargo addressing the issue?

Built has acknowledged the fraud charges and is keeping customers informed through Reddit and other channels. Wells Fargo is reaching out to impacted customers, removing fraudulent charges, and issuing new cards.

Q: What can customers do to protect themselves?

Customers can add their Built MasterCard to Apple Pay to receive real-time notifications of any charges. They should also contact Wells Fargo if their card information has been breached to get a replacement card.

Q: Should customers cancel their Built MasterCard due to the fraud charges?

The fraud charges are not a reason to cancel the card, as fraud can happen with any credit card. Statistics show that credit card fraud is prevalent, with 47% of Americans being victims in the last five years.

Summary & Key Takeaways

• Built MasterCard users have reported fraudulent charges on their accounts due to a global fraud ring launching bin attacks.

• Many of these fraudulent attempts are blocked, but some charges slip through, affecting Wells Fargo Built cardholders.

• Wells Fargo is working to resolve the issue by removing fraudulent charges and providing new cards to impacted customers.