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Although most people consider the most common fraud related to credit card use to be unrecognized charges, it is important to be aware that Your personal information may also be misused. and cause problems for him.
Through its section dedicated to personal finances, the media Business Insider identified that There are mainly four scam methods that Americans face with credit cards:
- Credit applications on your behalf. If criminals steal your information, such as your Social Security number, date of birth, and passwords, as well as your credit card numbers, they can open an account in your name and apply for a loan.
- Account takeover. Using your personal information, they can gain control of an existing account and steal your money.
- Cloning or skimming. In this case, a counterfeit card is created with your details through which fraudulent purchases are made.
- PhishingIn this method, criminals impersonate your banking institution via email, text message, or other type of communication to trick you into giving away your personal information, such as your passwords.
You should be alert to this type of fraud. In addition to making you lose money, it will damage your credit history, which in the long run can cause other types of inconveniences such as the inability to access certain financial services.
Keep track of your card spending to spot any unusual charges.
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5 Tips to Stay Safe from Credit Card Scams
Considering that Credit card fraud is common, Here are some recommendations from experts to stay safe:
- Use your credit cards, not your debit cards. U.S. law states that the maximum amount you could owe for unauthorized use of your credit card is $50. In the case of debit cards, you will be liable for up to $500 in fraudulent charges if you do not report them within two business days. Additionally, credit cards usually have more advanced security features.
- Keep track of your paymentsDon’t wait until your monthly billing period to review your payment history. If you constantly log into your banking application, you will be able to see if you have any unrecognized charges and notify us as soon as possible.
- Enable expense alertsIf your banking institution gives you the opportunity, activate notifications that indicate each time you make a transaction, especially if it is an international charge or exceeds a certain amount.
- Be alert for possible scams. Be careful with emails and messages that appear to come from your banking institution, use common sense to avoid clicking on strange links, and consider that criminals are increasingly using more sophisticated techniques to deceive their victims. It is best to contact them directly if you receive any type of message that does not inspire confidence.
- Be careful with your personal information. Don’t share your information with anyone, even if it’s just your email address. It’s common for this type of data to be given out to obtain some kind of promotion, but, believe it or not, this could lead criminals to obtain more of your data and use it against you.
- Use virtual account numbers. Some banks give you the option of using virtual credit cards for online transactions; these are temporary numbers for your purchases that cannot be used again.
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