Common Types Of Credit Card Fraud & How To Protect Yourself
A large chunk of the world’s population currently relies heavily on their credit cards to make payments for needs and wants in their daily life. Some people are mindful about how much they spend and always ensure that they make their payments on time or much before the due date.
However, many people do not think before they act and might end up using their credit cards to purchase expensive items, such as cars, houses, gaming consoles, etc. Although this is acceptable in most parts of the world, it is also important for people to ensure that they will be able to repay the credit card company in time – more commonly, with interest.
Nonetheless, scammers will almost always try to ruin a person’s happiness in some way or the other, for the purpose of gaining their own benefits, and they do so in a many different ways. They might hack into your computer and steal your data, ask for ransoms if you want to retain your data, and as of recently – they scam people and make them a victim of credit card fraud.
It goes without saying that many people who fall prey to such scams are unaware of the possibilities that the party they are communicating with thinking they’re a credit card company, is actually a scammer and does not have their best interests at heart. If you or anyone you know has ever fallen prey to these scams or just want to ensure that they do will not fall prey to such scams, then read on.
What Is Credit Card Fraud?
A credit card fraud is just that: a scam devised specifically to target credit card holders. The people who are responsible for credit card fraud have one main purpose, and that is mainly to gain access to goods and/or to get access to unauthorized funds from an existing account with the use of their cards. Scammers do not care about how they might be causing harm to someone else and everyone with a credit card in hand is at risk of becoming a victim of such scams.
Types of Credit Card Fraud & How to Protect Yourself
Unfortunately, credit card fraud has multiple faces and scammers normally have more than one way of gaining access to someone else’s information, after which the crime is commenced. If caught, scammers can be taken to the court of law and the crime is certainly punishable by law. Here are some examples:
· Application Fraud: This type of credit card fraud occurs at the time of the registration, when scammers and criminals actually steal the supporting documents and further the documents.
· Stolen or Lost Card Fraud: This type of fraud is one of the most common ones. It involves the card being stolen from the cardholder and the information then being misused by a scammer.
· Electronic Imprints: There is a magnetic strip that is found on credit cards, and this information can be used to purchase goods. Scammers are likely to target victims by violating this information.
These were just a few ways through which credit card fraud is committed. However, if you are wondering what measures can be taken in order to prevent this from happening, then rest assured that those answers are here for you. Here are some ways to protect yourself from being a victim:
· Work with a Credit Card Expert: There are many obvious benefits of working with a credit card expert. A great example of this is Dr. Michael C. Grayson, who is a credit card expert, author, entrepreneur, consumer advocate and also the CEO of Credit and Debit Management Institute. He has also authored 12 books on credit. By working with a renowned credit expert of this nature, you are likely to be safe from any kind of credit card fraud and will be able to manage it accordingly. Dr. Grayson offers a revolutionary new type of credit insurance that protects your credit from any type of credit card fraud for as little as $10 per month. Just like car insurance you should never leave home without it.
· Present Official Documents: The best way to ensure that you never find yourself at the mercy of credit card scammers is to ensure that you are safe from application fraud. Always submit and present official document and paperwork directly to the bank or the credit card company that you are working with, prior to anything else. Do not work with a middle man for this purpose.
· Keep Your Cards In a Safe Place: When it comes to stolen card fraud, the best way to avoid this from ever happening to you is to ensure that you always keep your cards in a safe place.
Moreover, these are just some credit card frauds that you should know of and the steps to take in order to ensure that you are safe and protected from this.