Latest Scam: Credit Card Holders Beware! This Sneaky Trick Is Robbing Consumers Across The Globe

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August 22, 2018

It seems that credit card criminals are getting smarter and smarter as the years go by leaving millions of people at risk for a considerable loss. While the number of fraud cases has significantly increased over the years, the types of credit card scams are on the rise as well, according to MSN. Many people are feeling violated and concerned for the future.

In the past, criminals typically stole credit cards or used lost or stolen cards, but now, with technology advancing, things are changing. These criminals are able to sell authentication information, such as ZIP codes to go along with the stolen cards on the Internet. It's eery to see how they can obtain this information.

"[There is] the constant stream of phishing attacks we receive where someone is trying to lure us into providing passwords so they can steal funds or commit identity theft," Mark Hamrick, a senior economic analyst at BankRate, the parent company of CreditCards.com, told Business Insider.

"This includes the seemingly endless number of robocalls that we get over cell phones, fraudulently urging us to call to lower our credit card rate or answer in response to a problem with the IRS that doesn't actually exist," Hamrick said.

One of the most concerning attacks is when scammers call "notifying" you of "suspicious charges" on your credit card statement. In this instance, the criminals act as your bank and require you to provide your personal information to confirm it's you.

Another scam includes these thieves acting as your utility company stating that you are behind on your bills and to provide your credit card information. Scammers will even call your hotel phone stating that there was a problem with the computer system and will need you to provide your credit card again.

Here's another startling example: say you are at a coffee shop about to use their WiFi. Unbeknownst to you, scammers will create at free, fake WiFi hot-spot without a password required. If you connect to their hot-spot and use your credit card online, they can steal your login credentials and possibly your credit card information.

Newest Fraud

According to MSN, there is a newer scam on the rise called, "card-not-present." This scam is quite simple for fraudsters but can be detrimental to millions of credit card users. This is when a scammer has your credit card information and uses it, but not the actual card. It's typically used for online purchases. Scammers like this because the credit card holder has the card in hand and won't likely report a lost or stolen card to their banks. This allows the scammer to rack up purchases quickly until the consumer notices their statement.

It's best to check your statements on a daily or weekly basis. Be sure to inform your family and friends of this!