How to Safeguard Yourself from Credit Card Scams

Modern-day credit card scams are getting a bit too sophisticated. Your financial details are now as important as never before, for the scammers are always up to one better in deceiving unsuspecting minds. Mostly, they rely on unsolicited telephone calls, e-mails, and text messages stating that your account is compromised by the financial institution. They do all this with an aim of accessing your credit card information to either make fraudulent purchases or identity theft. Now, let us look at some of the common credit card scams and how to protect ourselves from them.

Jury Duty Scam and Law Enforcement Scam

The most common ones are people impersonating court officers or police who are going to threaten you in order for you to miss serving jury duty and owing some type of fines. Usually, this threat is if you do not pay by credit card, then they are going to jail. No email or text message is sent requesting a cash payment from the courts or local law enforcement agencies. In case such a call is made, it is recommended that you contact your local court or police department directly to verify the claims.

Debt Relief Scams

The other common fraud is debt relief. The scammers promise one easy debt relief, instantly, or low interest for the first payment. All of them target those with high credit card debtors who take on a promise that it will negotiate with their creditors. Avoid such companies asking for upfront payments to begin offering services to help someone get debt relief services. Verify any program that promises debt reduction through official financial regulators.

Skimming scams

Skimming scam occurs once you attach your skimming machine in ATMs and gas pumps in such a way that it would capture your information as you try swiping into them. Do not become a victim of that scam. Instead, check the reader cards before any person swipes onto them. Mostly, wherever possible, use contactless payments and make use of chip cards. For instance, continue checking your account on a regular basis for other fraudulent transactions that occur within it.

Fraud departments scam

In another scam, fraudsters call claiming they are calling from your bank’s fraud department. They start to call and tell you that your card has been compromised. They call you just to authenticate your identity, so they ask you for sensitive information. Never ever share your credit card information over the phone or even via e-mail. If ever you have some second thoughts, always call your bank from a number given on your bank’s official website.

Credit Card ‘Cleaning’ Scam

In a credit card ‘cleaning’ scam, fraudsters are promising to clean the magnetic strip of your card only to skim this data for illegal purchases. Never give out your card to strangers promising such services; keep the card in possession.

Lottery and Prize Scams

Scam of lottery and prize-It is the one where the scammer states that you have won a lottery or a prize. They then tell you to pay for the collection process or that you will share some of your personal details with them. You are not likely to win anything in case you have never entered a contest. Don’t share any of your financial details with individuals you do not know as they will steal all your money from you and leave.

Utility Bill Scams

Utility bill scams scam the consumer. More often than not, these thieves don utility company uniforms, warning the consumer of disconnection of service if payment is not made at once. Utility companies generally mail formal notices for overdues rather than using these coercive phone threats. When you receive a threatening notice, contact your utility company to confirm any unpaid bills.

Tech Support Scams

Tech Support Scams: Tech scammers pretend to be associated with a particular tech company and say your device has a virus and demand money for repairs. No legitimate company makes unsolicited technical support calls. Do not allow any stranger to have remote access to your device. To get help from a particular tech company, always go to the authentic websites of that company.

IRS Tax Scams

IRS phishing scam primarily operates during tax time when the IRS scammer is calling a particular person and alleging himself or herself to be the IRS agent stating that one will be required to immediately pay his tax using a credit card or some prepaid debit card. The official IRS never collects any kind of payment over telephone. Any notice related to payment should be crossed-checked with official IRS website also.

Fake Charities Scam

False charity scams are taking advantage of the fundamental nature of those who are affected by natural disasters. These scammers will dress up like charity personalities and collect your donations. Do not dispense money for charities without verifying their credibility; donate on their official site or any method remitted.

How to Avoid Credit Card Scams: Important Facts

Knowledge and proper precautionary measures will not hurt in avoiding credit card fraud incidences. Never give in to unsolicited calls, emails, or messages demanding any form of personal data. Never give out credit card details to anyone. Verify the security and authenticity of the online payment website before proceeding further with online payments. Check your credit card statements regularly and report suspected frauds to the relevant authorities and the bank concerned without delay.

With the right information and information, you almost cannot be victimized of credit card fraud. Once a fraud is believed to have been committed against you, you will then hasten to keep your money.

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