Here are Top 3 Credit Card Scams you Need to be Aware Of

If you don’t want identity thieves and conmen to steal and make use of your hard-earned cash, here are three scams that you need to be aware of!

  • Fraud Alerts

In order to avoid fraud, credit card companies setup their respective fraud departments for thorough monitoring of accounts of their clients. If you receive a call warning from your credit card company of an alleged fraudulent activity in your account, your first impulse is to give them the necessary information for verification. However this is regularly implemented by credit card companies, you should always proceed with caution. Instead of providing your personal account information from a caller, tell them that you will call them back instead. This is a safer option than giving out your details from an unverified caller.

  • Skimming

Skimming is a process by which your credit card will be swiped through a skimming machine- a tool that collects all of your account information. The information will then be transferred to a new card, and the user will then have the ability to use the physical cards for offline purchases as well.

  • Debt Consolidation

There are scams that make use of debt consolidation offers to obtain information from unsuspected victims. These offers are usually in the form of email, phone call, or a text message. Of course, if you have huge debt from multiple credit card companies, you are more than willing to apply for debt consolidation. These scammers will usually require you to provide personal credit card information, thus making you more susceptible to fraud and unauthorized use of your credit card for online purchases. If you are keen on getting rid of your debt, contact a reputable debt consolidation company by yourself instead.

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