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  • Dennis#MD

    Credit Card Fraud is rising in 2017 - You know how to protect yourself ?

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    Online transactions are becoming more popular these days. It is extremely convenient for people to buy anything they want online by simply signing up and paying using their credit cards. The problem is that it has also become an avenue for scammers to fool other people.

    Over the years, a lot of people have become victims of credit card fraud. In fact, in the United States alone, billions of dollars were lost because of these scammers. The worst part is that in most of these crimes, no one was brought to justice. Therefore, focusing on getting protection against these credit card scammers is a must.

    Working anonymously

    The reason why it is extremely difficult to catch perpetrators is because they work anonymously. Their identities are difficult to trace. They are also computer experts. They know how to hack the system without getting caught. They have also been doing crimes for years.

    This is why they are confident in scamming other people. They can bury their identity deep down that hunting them once they have committed the crime is really difficult. Some cases were resolved, but most of the times, they were not.

    Email scam

    The most common point of contact is email. According to a study, half of all credit card frauds took place because of email transactions. The reason why this happens is because some people are just gullible. They are made to believe that they are doing a legitimate email conversation when they are not.

    As a result, they entrust the person they are speaking with through email with personal and credit card information. The moment these scammers get what they want, they immediately leave.

    There are also those who pretend to be representatives of certain companies or organizations. They start by getting the trust of the person they are dealing with. Of course, they can't ask for financial information right away as it may look suspicious.

    Eventually, they will earn the trust of the person and start asking for credit card related information. It could be for paying membership fees or making donations for the organization. As the intentions seem good, the person being victimized immediately gives credit card details. Before they know it, the scammer has already used the information and maxed out the credit card.

    Government transactions

    If as a private individual you can be easily scammed, you won't believe that even government employees also suffer the same thing. In fact, of all credit card frauds, almost half took place with government related transactions.

    Considering that the government issued computers have layers of security tools in place, they still end up becoming victims. These scammers are totally confident they pull off the crime. They also know that there are some people in the government whom they can easily fool.

    The government also collects the revenue from people. It is worth trillions of dollars. It means that there is a lot of money they can take from the government in various transactions.

    Employees who were involved in these transactions end up paying the consequences. Most of them were fired because of mishandling the situation while others were asked to pay the fines.

    Protect yourself

    Since no one is safe from these scammers, it is best that you do everything possible to stay protected. Start by changing your passwords every now and then. This helps avoid being penetrated by scammers. Write it down and make sure no one can see what you have written.

    Another tip is to avoid suspicious websites. The moment you realize that something is wrong with the website you are buying something from, leave that site right away. The same thing is true for email conversations. If you think there is something unusual with your conversation, stop responding.

    It also helps if you have a card with fraud protection in place. This means that if you are not using the card, it will be difficult for someone else to do it.

    Most of all, keep the phone number of your credit card company in your speed dial. This ensures that if anything goes wrong, the card can be easily canceled. There is no need for you to panic and freak out that someone else might steal your information.

    Protecting yourself against these scammers is not easy. It has to be done though considering how determined these scammers are. Don’t wait until it is too late before doing something.

    Check out the infographic below for more information on how to stay protected against these scammers.

    Credit Card Fraud Stats - Protect Yourself from Being Scammed

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