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Credit card scams happen when a lie or trick prompts you to initiate a payment from your credit card. It could be online, over the phone, by email, on social media or in person.
The Visa & MasterCard Telephone Credit Card Scam is a prevalent and concerning fraud that targets individuals over the phone. Scammers impersonate representatives from Visa or MasterCard and deceive victims into providing their credit card details.
Understanding common scams like overcharge scams, interest rate reduction scams, arrest phone call scams, donation scams, skimming and phishing scams is essential to avoid falling victim to...
1. Identity theft and identity fraud. How to spot it. A thief will contact you directly, impersonating someone else to persuade you to release sensitive information about your identity...
1. Phishing Call, Email and Text Scams. 2. Interest-Rate Reduction and Debt Settlement Scams. 3. Online Shopping Scams. 4. Credit Card Skimming. 5. Unsecured Wi-Fi. How to Avoid Credit Card Scams. Steps to Take if You’re the Victim of Credit Card Fraud. Monitor Your Credit and Identity.
One of the most common credit card scams that occurs over the phone is a fraudster calling to tell you that they can reduce your credit card interest rate and potentially save you significant money on interest payments.
1. Overcharge Scams. An email, text or call comes in to the target claiming his or her credit card has been overcharged for some product or service. In order to be properly refunded, the target...
1. Fraudsters offering interest rate deductions. In an interest rate deduction scam, fraudsters pose as customer service representatives from well-known lenders and credit card issuers. The scammers contact you by email or phone and explain that you’re eligible for a big reduction in your credit card interest rate.
If someone wants to keep you on the phone while you go withdraw or transfer money, buy gift cards, or anything else they’re asking you to do: that’s a scammer. DO hang up. And here’s a list of things that only scammers will tell you to do: “ Move your money to protect it” is a scam.
If you've fallen victim to a credit card scam, contact your card issuer immediately, place a fraud alert on your credit and file a report with the FTC. Watch out for these ten common credit card scams when making transactions both in person and online. Here’s how you can avoid them.