Wednesday January 05, 2022
There Has Been A Significant Increase in Fraudulent Transactions
Credit card fraud occurs when an unauthorized person gains access to your information and uses it to make purchases.
Here are some ways fraudsters get your information:
Lost or stolen cards
Criminals can obtain credit cards by either finding them after they have become lost or stealing them from someoneís possession.
This type of fraud does not require the criminal to have a physical credit card. Instead, they will obtain basic details, such as the account holder's name, the credit card number, and the expiration date. They will then ask to input the credit card number manually on the machine.
Phishing Attempts such as Fake Emails
Similar to overcharge scams, phishing scams pose as a legitimate company or service but provide fraudulent instructions or links in order to gain access to sensitive information.
Over the telephone
Scammers often use call-spoofing technology to display fake phone numbers on your call display
How to Identify Credit Card Fraud
The most effective way to protect yourself from credit card fraud is by taking preventative measures wherever possible.
Keep your credit card secure and only enter your card details on reputable online stores. Never share them with sources you canít verify over the phone. But even if you take all the necessary steps to avoid becoming a target of fraud, remain vigilant by regularly checking for any suspicious activity.
You can detect fraud by:
- Reviewing monthly credit card statements in detail to identify any unauthorized transactions.
- Regularly checking your credit report to see if anything appears unfamiliar, such as new credit searches and inquiries, the opening of new accounts, or the registration of unknown addresses.
- Reviewing bills and invoices to ensure you are not receiving correspondence and collection notices for unfamiliar accounts. You can also use your credit report to check if you are on any collection agenciesí lists, as most report debts to credit bureaus.
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