10 Credit Card Scams to Be Wary of

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As technology advances, so do scammers’ tactics. One common target for these scammers is credit cards. With access to personal information and financial data, credit card scams can result in significant financial loss and identity theft.

To protect yourself from falling victim to these scams, we have compiled ten different methods used by credit card scammers you should be wary of.

Skimming

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Skimming is a common credit card scam in which scammers attach devices to ATMs, gas pumps, or other payment terminals to steal your credit card information when you swipe your card. These devices are often difficult to spot and can read your card’s magnetic strip and chip data.

Fake Websites

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Scammers may create fake websites that look like legitimate online shopping sites or financial institutions to trick you into entering your credit card information. They can also send links to these fake websites through spam emails or social media platforms, making it appear from a trusted source.

Credit Card “Upgrades”

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Another common credit card scam is receiving a call or email claiming that your company offers an upgrade with better benefits and rewards. The scammer will ask for personal information, such as your current credit card number, expiration date, and security code, to process the upgrade. However, the scammer is using this information to make fraudulent purchases.

Robocalls

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Scammers use automated robocalls to target individuals, claiming there is an issue with their credit card account or a pending payment. They may ask for personal information over the phone or provide a fake number for you to call back and enter your credit card information.

Card Not Present Scams

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In this type of scam, fraudsters use your stolen credit card information to make purchases online or over the phone. They may also use your information to open new credit accounts in your name, leading to identity theft.

Card Replacement Scams

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Some scammers pretend to be from your bank or credit card company and claim that your current card has an issue. They prompt you to provide personal information for a replacement card. However, there is no issue with your card, and the scammer is attempting to obtain valuable information.

Phishing Scams

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Phishing scams involve sending fraudulent emails or texts that appear to be from a legitimate source, such as your bank or credit card company. These messages often ask you to provide personal information like your account number, social security number, or password. Scammers then use this information to access your accounts and make fraudulent purchases.

Fake Credit Repair Services

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Scammers may advertise fake credit repair services promising to improve your credit score for a fee. They often ask for personal information and payment upfront, but they do not provide any services and may even use your information for identity theft.

Charity Scams

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During natural disasters or other crises, scammers may pose as a charity organization to solicit donations. They will ask for credit card information over the phone or through fake donation websites and then disappear with the money and your personal information.

Overpayment Scam

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In this scam, a buyer offers to purchase an item from you at a higher price than listed and then sends an overpayment. They request that you refund the difference via credit card. However, the initial payment was made using a stolen credit card, and once you refund the overpaid amount, you are left with no item and owe the total amount to your credit card company.

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