Do you know what credit card scams are?
The best way to define them is to describe how they are done.
Credit card scam comes in different forms.
A physically stolen credit card is used by the thief to purchase goods or withdraw cash from ATM if they happen to get your PIN.
Scammers may also use computer software to get hold of your credit card details.
There are some who may pilfer or entice you to tell them your credit card security number and make big purchases by phone or over the Net.
Other scammers will create a duplicate card with the details of your credit card, which they copied through the magnetic strip, to make cash advances.
Whatever form of credit card scam is used, if you are the victim, you will most likely lose large amount of money.
Other Forms of Credit Card Scams
- Key-Loggers and Spyware – Spyware is a kind of computer software that searches out your computer activities.While, key-loggers record the keys that you pressed on your computer keyboard.Scammers will use both forms to steal not only your credit card details, but also the password and other pertinent personal information of your online bank account.
- Fake Fraud Alerts from Banks – One form of credit card scams is when scammers pose as a customer service representative from your credit card issuer or bank and inform you that your account has a problem.The representative will tell you in order to protect your account and not lose money, you give them your account details and they will fix the problem.But, what will really happen is that they will use the information to take your money.
- Shopping and Auction Scams – Nowadays, online shopping and auctions are very popular.Numerous websites are on the Internet for this type of business.Unfortunately, these sites are now being used by scammers to steal money from you.
Often, after paying huge amount of money, customers like you end up with nothing.
- Phishing – This form of scam is done by sending you a phony email asking for your credit card or bank details because of several reasons.Since the email seems to be really from your bank or credit card issuer, you will positively respond.But actually, the email is bogus and your account information is used to steal from you.
Warning Signals for Credit Card Scams
How then can you tell if you are being scammed?
You have to be alert for some warning signals for credit card scams in order to prevent being scammed.
- If you notice that your credit card is missing, most probably it was stolen and be used for fraudulent activities.
- Your written security data for your financial accounts kept with your credit card is missing.
- You wrongfully have given your account details to a suspicious website on the Internet.
- You notice a transaction in your credit card billing that is unfamiliar.
If any of these warning signals occur, immediately call your credit card issuer or bank and ask them to freeze your account.
This will prevent the scammer to make purchases using your account details.
Word of Caution for Credit Card Scams
In order to prevent credit card scams, you should do your part of protecting your credit card and bank accounts.
As soon as you received your billing statements, check all the transactions.
If there is any deal that you did not authorize, immediately call your bank or credit card issuer and make a report. If you need to freeze your account, do so.
Purchase only from trusted online merchants if you need to use your credit card for payment.
Never give details of your credit card to a site that is not familiar to you.
Remember that precaution is the best prevention for credit card scams.