You are relaxing on a Sunday afternoon and you receive an SMS about a debit of $1 on your Credit Card. It sends the alarm bells ringing. You have never used the card for making international purchases. No one from your house stays abroad. From where did this debit entry originate? What should you do now?
It is a typical case of a Credit Card fraud. Do not disregard the SMS thinking that the debit is a small one. The fraudster who has used your card details to debit $1 will not waste time to clean up your account. There are many more ways of defrauding people with the unauthorized use of their Credit Cards. We shall discuss some more modus operandi and tips for protection.
The easiest way to commit Credit Card fraud is to steal your card and use it to make purchases in your name. It is one of the oldest methods as well. Today, the improvement in technology has resulted in fraudsters employing innovative ways of committing Credit Card frauds. They do not need to touch your card for procuring your details. You are providing the hackers with a minefield of information through your social media accounts. Sharing vital information on social media is one way of divulging your personal details to the hackers. Using this information, they hack into your credit card accounts and commit fraud.
Another type of fraud is by the use of the skimmer device. The skimmer is a small plastic attachment that the fraudsters insert into the ATM card slots. These skimmers capture the personal information present on the magnetic strip of the Credit Card. They install secret cameras to spy on the PIN codes you type. Using this information, they clone your card and steal money from your account.
Phishing is another common activity leading to Credit Card frauds. Fraudsters create phishing websites that resemble the official website of your bank in almost all respects. It prompts you to trust the site,and you divulge your Credit Card information without knowing that you are compromising your security.
Fraudsters are brilliant people. They have a knack for convincing people to divulge information over the phone. They randomly contact people and convince them that they represent your bank. They start off by speaking about Credit Card Offers Online. They seek secret details of your credit card like CVV number, date of expiry and so on. Many people unknowingly part with such information thereby resulting in fraud.
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