4 Credit Card Scams That Could Drain Your Bank Account

There are many ways that fraudsters commit				too long.
credit card fraud and in this article, we
cover the Top 4 credit card scams that you				You must not give out your credit card number
need to be aware of:				on the phone to someone you do not know. The
				trickster may call you up pretending to be
1. Application Fraud				from the card company or some other company
				you do business with. Still do not give your
This can be an assumed identity fraud where				card details to him. Insist on calling back
an individual pretends to be someone that he				on the number you have of the company.
is not. Or it can be a financial scam where
an individual provides false financial				Do not respond to any email that asks you to
details in order to acquire credit.				disclose your credit card details. Be extra
				cautious of emails that ask you to click on a
2. Lost or Stolen Credit Cards				link and verify your financial information.
				They are mostly 'phishing' scams. If you want
With the advent of modern technology, even				to check the site, do not click on the link.
the credit card scams have gone high tech.				Instead type out the url on the address bar
Nowadays, tricksters produce fake credit				and check the authenticity of the site. Be
cards and trick merchants. They also copy				careful not to provide credit card
information from the magnetic band on the				information on any unsecured website.
reverse of the credit card, or the
information stored on the smart chip.				Some More Do's and Don'ts

3. Postal Intercept Deception				Don't write down the PIN number on your
				credit card or even keep it in your wallet.
This happens when a card is stolen from the				Your wallet is equally prone to being stolen.
postal service prior to it reaching its
owner. Postal intercept fraud has become a				Do make sure that you keep your credit card
less famous aspect of credit card fraud,				receipts properly and do not keep them lying
especially in the EU.				all around you.

This is primarily due to successful				Do be careful that others around you cannot
monitoring of those who work for the postal				copy your credit card number.
service. Also, the card issuers have also
started to take various safeguards such as				Don't carry all your credit cards all at the
requiring personal identity confirmation at				same time. If your wallet gets stolen, then
the point of credit card activation.				all the cards will be lost at one go.
				Ideally, it would be better if you carry your
4. Site Cloning and False Merchant Sites				credit cards in any place other than your
				wallet.
On the Internet these are fast becoming a
common technique of credit card scams for				Don't lend your credit card to any one.
many fraudsters with a proficient aptitude
for hacking. They make people provide their				Do scrutinize each item on your credit card
credit card details without realizing they				bill to ensure that you have not been
have been tricked.				overcharged.

Precautions To Be Taken To Avoid Credit Card				Don't sign a blank credit card receipt. If at
Scams				any time, you feel victimized, you must
				promptly let your issuer know.
The best way to avoid credit card scams is to
be on the lookout for any fraudulent				As long as there are credit cards there will
activity. Be alert whenever you are using				be credit card scams but common sense and
your credit card. Whenever you give your card				vigilance coupled with ever developing scam
to the merchant, keep an eye on it. See what				detection technology should make credit card
he is doing and take it back as soon as				fraud rather negligible.
possible. Do not let it go out of sight for

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Avoid credit crad fraud

4 Credit Card Scams That Could Drain Your Bank Account