Bilt has officially released an explanation regarding the fraudulent charges and is giving each affected person 1,000 points as compensation. It’s not much, but it’s better than nothing. Still, it’s rare to hear of this kind of large-scale brute-force fraud affecting other banks, so Bilt really needs to do a better job with the core functions of its credit card. It’s still unclear whether any related class-action lawsuit will emerge, but if one does, the compensation would likely be more than just these 1,000 points.
What happened: This incident occurred as a result of an external fraud attempt to guess account numbers and other card related data (for example, expiration date) to commit fraud. In short, the fraudsters tried random combinations of account information to see which ones work. The large majority of these are blocked through monitored controls, but in this case, attempts from trusted merchants impacted a subset of Bilt customers. Remember, as a Bilt Mastercard cardholder, you won’t be held responsible for promptly reported unauthorized transactions.1What we are doing: We continue to implement new security measures to help protect our cardholders and we remain committed to providing you with safe and secure products and services. Please closely monitor your credit card statements and if you have been impacted, contact us immediately at 833-404-2272.
As a thank you for your patience, we are issuing 1,000 Bilt Points to your Bilt Rewards account. It will appear in the next 30 days.
About the Bilt rent card:
Bilt saw quite a few fraudulent charge incidents some time ago. The official team explained on Reddit that it was caused by BIN attacks. If you were also affected by fraudulent charges, contact Wells Fargo immediately at 1-800-723-5533. Presumably Bilt has already resolved this issue.
