This work discusses certain credit card scams to be careful with. There are lots of fraudsters out there. On daily basis, they come up with new ideas and skills on how to dupe innocent individuals like you. This article gives very valid information to enable you stay alert at all times and avoid being scammed.
Credit Card Scams To Be Careful With : Scams Reducing Interest Rates
The scammers here look for credit card holders who need to reduce their interest rates. They target cards with exorbitant interest rates and try to convince cardholders to agree with them
Credit Card Scams To Be Careful With : How Does It Work?
They give cardholders pre-recorded call informing them that they qualify for a program that will lover their interest rate and pay off their credit card balance quickly. It is important to note that they usually have your credit card information. In most cases, they may even make you feel that they are your credit card issuer. They demand you pay a certain amount and apply for their program. Also, you will promise to lower the interest rate within a time frame. They actually need only your money and nothing else.
What To Do
Enroll for the National Do Not Call Registry to reduce these calls. To enroll, visit DoNotCall.gov or calling 1-888-382-1222.
- Anytime you receive a call pertaining to this, simply hang up the call. Do not even talk.
- Avoid supplying your personal or financial details over the phone except if you initiated it.
- If you need a lower interest rate, demand it from your credit card issuer
Credit Card Scams To Be Careful With : Confirm Your Info for Your EMV Card
How It Work
Here, fraudsters simply pose as credit card issuers. They email consumers to update their personal information to receive their new chip card. When you reply to this information or click their link, they use your details to scam you
What To Do
- Your financial institution can never demand that you send an update through mail.
- The new chip credit cards are automatically sent to you by your card issuer without any action on your part.
- Call your card issuer’s customer service to verify any information concerning it
- Completely avoid clicking on links in emails.
Potential Fraud On Your Account
In most cases, credit card issuers warn their clients about potential fraud alert. However, a lot of fraudsters copy this too. They simply call you telling you what to do
How Does It Work?
To start with, you receive a call claiming to be from your credit card issuer’s fraud department. before doing this, they have already gathered some of your personal details. These fraudsters may use your personal details at their disposal to convince you to give in to their demand. In real life, they just need more details from you to scam you. They demand some information from you to verify whether your account has been hacked.
What Can You Do?
- Even though your card issuer can call you if fraud is suspected on your account, call your credit card customer care agents to verify the information. Check and call the number at the back of your credit card.
- Completely avoid giving out your credit card information when you did not start the call.
- Always review your account activity online or via a smartphone app.
- Report unauthorized charges to your credit card issuer right away.