Watch Out For These 5 Credit Card Scams

Perhaps you have been a victim of credit card scams, or you know someone who has. Whatever the case, this is the last situation anyone would wish to find themselves. Reports show that credit card scams have been on the rise every day. The question remains, do you know what these scams are? Are you able to identify one from a distance?

Though card issuers are continually working towards new ways to shop, pay and play, fraudsters are also working hard to keep up with the trends and take advantage of other people’s financials. They are continually finding new ways to scam credit card users.

Without wasting much of your time, here are some of the credit card scams to watch out for. In the future, make sure you stay aware of these scams so that you are never taken advantage of.

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Video Game Fraud

Are you or your kids Fortnite players? Then, the old “it’s all fun and games until someone loses control of their online account” must be familiar to you. This app has been seen as a poster boy for the success of in-app purchases ever since it generated over $1 million from in-app purchases within just three days. However, this kind of platform is a hotbed for fraud through account takeovers.

cammers use techniques such as phishing or malware programs often get ahold of the player’s ID and password. They later use this information to make in-app purchases. As such, be careful before giving out your card details in such a manner.

Ghost Terminals

These are fake payment terminals created by scammers that are not in any way connected to payment networks. The aim is to steal credit card details. Card issuers are having to continually upgrade their systems to provide security for such activities. However, clever thieves are also working hard to create new online channels. This makes it even harder for clients to differentiate between what appear to be scams and what is genuine.

Online Purchases

Just like we mentioned with video game fraud, due to the trending online shopping, most people have their card details saved on several apps and websites. This, of course, was put in place to make it easy for people to make online purchases. However, it is not entirely safe. Most online retailers have tried to make such payment methods secure. Nonetheless, always think twice before giving your card details online and especially over the phone.

Fake Wi-Fi Networks

Scammers usually set up wi-fi networks in public places. When such accounts are accessed by users, their information such as account information, electronic banking logins, and credit card details are scraped off. Scammers, in return, use this information. Therefore, you should always use password-protected networks in public places.

Social Engineering

This is the act of manipulating human behavior to gain access to someone else’s data or property. Some commonly used scams include sending emails, making phone calls impersonating as a representative from your card issuer, and so on. They might trick you into giving your card information by citing network issues or suspicious activity. Be careful before you give out your card information online.

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Bottom Line

Whatever the case may be, always be careful before giving your card details online. It’s essential always to trust your instincts, they never lie. If you have been a victim before, be careful not to fall prey again.