5 Unexpected Ways in Which Scammers Steal Credit Card Info

What’s more terrifying than the scariest horror movie and more alarming than the worst nightmare? For many of our clients, it’s the idea of having their credit card details stolen.

Of late, scammers have been coming up with innovative ways to trick cardholders into revealing sensitive information, such as their names, addresses and account details. And more often than not, the information is extracted in such a manner that the victim has no idea he’s been defrauded … until it’s too late. To keep you safe from such situations, we’ve compiled a list of ways in which impostors may try to scam you, and what you can do to keep out of harm’s way.

1. EMV Card Information Scam

The decision of card issuers to move to EMV chip-enabled cards in an attempt to reduce fraud has ironically created an opportunity for criminals to trick consumers. Fraudsters may send emails to consumers asking them to provide personal details in order to receive a new chip card. However, replying to such emails, or even clicking on a link and entering information, could lead to identity theft. Always keep in mind that card issuers will never solicit information over email. If you have to provide details, make sure you do so by directly going to the company’s website, and check the URL carefully to make sure it’s valid.

2. Complimentary Wi-Fi Scam

Who doesn’t love freebies? Quite often, when we are in a public space, we connect to any random Wi-Fi hotspot that we find. However, this can be a dangerous practice. Criminals may have set up such a hotspot to access your information. For example, if you log into your bank account over this network, they may be able to obtain your username and password. To avoid being scammed, be careful about any information that you send over a public network.

3. Probable Fraud Scam

Probable fraud scam? I’m sure you’re wondering if you read that right. Well, scammers may call you claiming that they are from your card issuer’s fraud department, and that your account may have been compromised. In many such cases, the criminals already have certain details, like your name and account number, and can use this information to convince you to reveal more, such as your card’s security code and expiration date.  Never give out your personal information on a call that you did not initiate. Your card company may certainly call you if it detects suspicious activity on your account. However, if they ask for confidential information, you should disconnect the call and call back on the number at the back of your card to ensure that you are speaking to a legitimate person.

4. Fraudulent Hotel Front Desk Call Scam

Scammers can catch you anywhere, even while you’re on vacation. While putting up at a hotel, if you receive a phone call from the front desk asking for your credit card details, don’t oblige them with the information. Criminals may claim that they are hotel staff and that your card information has been lost due to some technical problem. However, the moment you pass on the details, they’ll use it to take money out of your account. In such cases, always make sure that you walk down to the front desk to verify the authenticity of the call, or at least, disconnect the call and ring up the front desk yourself.

5. Interest Rate Cut Scam

This is another common scam that has victimized a large number of consumers. Fraudsters use pre-recorded calls to impersonate card companies. These criminals contact cardholders and convince them that if they pay a fee and enroll in a program, their interest rates will get reduced. In some cases, the tricksters charge the cardholder even if she declines the offer. To avoid being scammed this way, register your number on the National Do Not Call Registry to reduce the likelihood of receiving such calls. In case you get this kind of a call anyway, hang up without speaking to anyone.

Many cardholders are frustrated with the high rates charged by their issuers and fall into the trap of scammers in an attempt to escape from this predicament. Or perhaps they have plans to fund a sizable expenditure through their credit card in the near future and carelessly fall prey to a scheme that’s too good to be true. Conversely, at Fund&Grow, we help individuals obtain $50,000 - $250,000 of unsecured credit at 0% interest. Not only do we tell our clients how to get this kind of funding, but we also take care of most of the paperwork ourselves. So if you need financing and have good credit, call us at (800) 996-0270 right away, and we’ll assist you in achieving your financing goals.