Credit Card Scams –How do you know if someone’s trying to scam you? Of course, you don’t want to be that person who falls victim to credit card scams, but there are several common methods criminals use to scam people out of their money and steal their identity. We’ve broken down the most common scams so you can learn how to avoid them and protect yourself from becoming a victim of identity theft and credit card fraud.
Scam #1 – The EMV Chip
The EMV chip is a new credit card feature designed to make transactions more secure. However, scammers have found a way to exploit this feature and use it to their advantage. When you swipe your card at a terminal, the EMV chip creates a unique code that is used to process the transaction. However, if a scammer has access to this code, they can use it to make unauthorized charges on your account. To avoid this scam, only use your credit card at terminals certified by the PCI Security Standards Council.
Scam #2 – Fake Websites
Have you ever tried to buy something online only to find out that the website was fake? This is a common scam, especially with big ticket items. The best way to avoid this is to only shop on websites you know and trust. If you’re unsure, do a quick Google search or check with the Better Business Bureau.
Scam #3 – Phishing (five sentences): Phishing is when someone tries to trick you into giving them your personal information, usually by sending an email that looks like it’s from a legitimate company. They might say there’s a problem with your account or that you need to update your information. Don’t click any links or respond to these emails; just delete them.
Scam #3 – The Free Gift/Test Drive
When you’re at the mall or browsing online, you may be offered a free gift or test drive in exchange for your credit card information. This is a major scam, as the free offer is usually a low-quality item or something you don’t even want. Plus, you’re giving away your personal credit card information to someone who could easily use it for fraudulent purposes. To avoid this scam, simply don’t give out your credit card information to anyone unless you’re sure that you trust them.
Scam #4 – Phone Call Tips (What are you doing?)
If you receive a call from someone claiming to be from your credit card company, do not give them any information. Ask for their name and contact information so you can call back. If they refuse or get angry, hang up. It’s a scam.
It’s always important to be aware of any email, text or phone calls asking for your personal information. Fraudsters are now getting creative and calling people directly with false claims about outstanding debts and even over-the-limit transactions. Always check with your credit card company before taking action.
There are lots of phone scams out there, and it’s easy for fraudsters to create a believable story. Make sure you can trust who you’re talking to before handing over any information. If you need more help or think that you might have fallen victim, get in touch with your provider directly or use their website contact form.
Scam #5 – Free Travel
The free travel scam is one of the most common credit card scams out there. Here’s how it works: You receive an offer for a free vacation, usually via email or social media. The offer looks legitimate, and you’re excited about the prospect of a free trip. But when you click on the link, you’re taken to a website that asks for your credit card information. Once you input your information, you’re redirected to a page that says you’ve been scammed.
In conclusion, you should be aware of five major credit card scams. They are the following: skimming, phishing, card not present fraud, identity theft, and account takeover. Each of these scams has different methods of operation, but they all have one goal in common: to steal your hard-earned money. Thankfully, by following some simple tips and being aware of the signs of each scam, you can avoid becoming a victim.