Credit cards have made lives easy for people in so many ways, but some people have taken it upon themselves to use them to scam people. There are various ways credit card scams have been used to trick you and steal your money. The scammers are very convincing and so sneaky that it is almost impossible to identify them until the damage has been done. Here are a few scams that you need to keep an eye out for:
Voice Phishing
Voice Phishing or Vishing are scams that employ social engineering and telephone calls to steal your information, credit card numbers and even your identity. These callers will pretend to be representatives of the bank and ask for your personal information in return for rewards. They may also ask for you to pay money upfront to improve your credit card scores. Their main motive is to take advantage of your needs and to manipulate your actions psychologically.
These callers may even pretend to call from the bank and tell you that you have been part of a fraud and that now you have to pay a certain amount to get rid of the debt. Many innocent people have lost quite a lot of money to these calls.
Skimming
This is an old-school technique that has come back, unfortunately, with improved technology. Thieves install scanners inside ATMs that steal your credit card number and the victims only know after huge purchases have been made under their names. They do not just steal your credit card numbers but also install small pinhole cameras on the ATMs to steal your password.
The reason why this trick has returned is that in the earlier days the scammers had to come back to collect the stolen information, but now they get all the information transferred to them wirelessly. Take a good look at the card scanners before swiping your card. If they wiggle or if you see tiny holes near the pin pad, beware because they might have cameras installed.
EMV Card Confirmation
Banks have been transitioning towards EMV cards to reduce credit card frauds but somehow the transition is slow, and scammers have taken this as an opportunity to steal your information. How it works is that the credit card holders receive an email asking them to update their information for the new EMV cards.
As soon as they click on the link, the scammers can have whatever they need. Some people end up replying to these emails and handing their personal information themselves. To avoid this scam, you must know that your card issuer will never ask you to update your information over your email, and if you are curious about your EMV card, all you need to do is call your service provider.
Final Thoughts
With new technology, there are also advancements in the way people steal and how credit card frauds take place. The only way to keep yourself protected from these scams is to make sure that you do not share your information with anyone without proper investigation. And remember that banks will not call you to ask for your information. They would either send you an email or a letter by snail mail or ask you to call them. Just don’t give your information unless you are one hundred percent sure that you are talking to the right representative.