At least 10% of QR codes are scams, fraud investigators say
Fraud investigators say at least 10% of QR codes attached to online orders, restaurant tabletops and public posters are scams, as Chinese state-sponsored hackers increasingly target financial information stored on smartphones.
The fake codes have proliferated since 2022 and today steal $75 billion a year from consumers, according to the LexisNexis Risk Solutions’ Government Group, which works with federal agencies to combat the schemes.
“It’s one thing when they steal your credit card. It’s completely different when they get access to your debit card through your phone,” Haywood Talcove, CEO of government for LexisNexis Risk Solutions, told The Washington Times. “There’s no way of recovering that.”
Mr. Talcove said the only way Americans can protect themselves is to not scan QR codes unless they are certain a code is legit or use a second phone without sensitive information stored on it.
Once scanned, a fake QR code can intercept a restaurant meal payment or install malware that locks the phone and retrieves financial details stored on it. Before the victims can reset and wipe a device, thieves have read emails and emptied bank accounts.
“I wouldn’t scan a QR code because it’s impossible to tell good from bad and you don’t know until it’s too late,” Mr. Talcove said. “My entire life is on my phone. I’d rather lose my wallet.”
The International Association of Financial Crimes Investigators, a California-based nonprofit, calls the fake codes “quishing scams.”