Credit Card Scams
Be aware, be very aware.
There are so many credit card scams these days it’s scary. You want
to use your credit card as you wish and enjoy the benefits, but
guess what, fraudsters have the same thing in mind.
So what do you do? Guard
your card fiercely. It is more valuable than cash because your
identity could be stolen as well.
Types of Credit Card
Scams
One of the more popular is
credit card skimming which can cost over $500 million per
year. And who pays for it? We all do via increased credit card
fees.
Skimming occurs when data is
copied from the magnetic strip on your credit card. Usually the
card has to leave your sight for skimming to occur, but as
technology evolves so does the creativity of criminals. Fraudsters
can also target automatic banking machines by fitting them with a
card reader which copies your card details.
Once your card has been
skimmed a replica can be made and used anywhere in the world.
Card Not Present Scam
This one is scary because
you can follow all the precautions and still fall victim. This
credit card scam occurs when someone copies your card details and
uses it online where no signature or PIN is required. Anyone who
handles your card could do this. I have even heard or instances
where retail staff take pictures of the front and back of peoples
cards with a mobile phone.
Card Theft
Your credit card can be
stolen in transit from the card company to yourself or from your
purse or wallet. You can’t really do anything about your post going
missing but you can protect your personal belongings to reduce the
chance of being robbed
Identity Theft
This credit card scam is
more popular that you think. Thieves normally search through
discarded post for credit letters, utility bills or credit card
applications. They then have access to all the details they need to
apply for a credit card in your name.
So How Do You Avoid
Becoming A Victim?
Unfortunately as long as
there are dishonest people, credit card scams would exist. As a
consumer, you could take the following steps to protect your self.
- Treat your credit card as
securely as you treat your cash
- When using your card at
retails stores, never let your card out of your site. Make sure
the cashier is doing only what they are supposed to be doing with
your card.
- Be careful when using the
cash machine. Examine it carefully for any sign that it has been
tampered with. This might be difficult to identify but if you
search the Internet for more info on this type of scam you should
be able to tell what a normal cash machine looks like.
- Be sure to check your
credit card statements every few days and don’t leave it till the
end of the month. If fraud does occur you would pick up on it
quite quickly.
- Be very secretive with
your PIN as thieves often hover around trying to sneak a peak.
- Always take your credit
card receipts with you and dispose of them in a safe environment.
Make sure they are totally destroyed.
- Cancel any credit card
you don’t use as you would hardly ever check the balances on
these. If this card is stolen you probably won’t recognise until
it is too late.
We all have to use our
credit cards on a daily basis. Thieves rely on consumers being
careless and clueless. Don’t play into their hands, get all the
information you can on how to prevent credit card scams. Hopefully
this article would give you’re a bit more ammunition to arm yourself
against fraudsters.
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