Credit cards have endured as the most popular payment method in the USA for quite a long time. According to a survey done in 2022, most Americans use credit cards when they purchase groceries, clothing, and gadgets. Whether you are looking at online payments or land-based purchases, the fact remains true.
However, the more popular credit cards become, the more common it is for con artists to attempt to deceive users. Credit card-based fraud has increased in 2022 by quite a significant margin. Compared to 2021, fraud-based losses have increased by 18% among credit card users. Many have made mistakes that they don’t want to repeat. This article will review the most common credit card frauds you must avoid in 2023.
Unsavory Websites
The most common way to get scammed is to give your information to an unsavory website. For example, many newcomers to the online gambling industry don’t know the difference between a safe, legal, and licensed casino and an unlicensed, unregulated website. If you want to gamble online, you will need to find the top-tier online casinos that accept credit cards, and then make sure that they are licensed, regulated, and trusted. If a reputable authority does not license the website or its reputation has fallen by the wayside, you would do your best to avoid it, especially if it demands your credit card information.
Interest Rate Deductions
A scam as old as time. A stranger contacts you, claiming they can give you something, and all you have to do in exchange is share personal information with them. The way this scam works is simple. The fraudster in question contacts you posing as customer support and claims you are a viable candidate for a deduction in interest rates.
As the old saying goes, “if something is too good to be true, it likely is.” After you share your information and pay a fee (which could be as high as $1500), the callers block your number, never to be seen again.
Hacker Attacks
There is no denying that the internet has made our lives easier in many ways. From schoolwork to e-commuting to entertainment and internet banking, it has significantly impacted how we live our lives. However, it comes with a downside. The evolution of digital technology has led to an increase in cybercrime.
Hackers will attack your personal social media accounts, looking for anything that might give them information about your credit card. And while you may think it is difficult, it is remarkably easy for them to get their hands on your private info. The best way to avoid this is to protect yourself using firewalls, VPNs, and strong anti-virus.
Overcharge Scams
A common scam that endured in 2022 was the overcharge scam. The basic premise is simple. You get contacted by “a company official,” saying you are due overpayment. They inform you that you first must confirm your credit card numbers to get your hands on the fund. Once you share your credit card numbers, they gain access to your account, leaving you a few dollars short.
The only way to avoid this scam is to avoid sharing any information when anybody contacts you. Should a bank official or a credit card company employee contact you asking for information, tell them you will do the task in person. Because, more than likely, they are not an official employee but a scammer trying to get their hands on your cash.
FAQ
Are credit cards a safe payment method?
Overall, yes. Credit cards are safe to use when shopping online and offline. However, credit card scams are rising, and you should remain vigilant.
Are credit card scams on the rise?
Sadly, yes. According to a study, in 2022, credit card-based fraud increased by 18% from the previous year.
Is there a way to avoid credit card scams?
Yes, of course. The best way to avoid credit card scams is never to share your information, or at least to avoid sharing it as much as possible. If a website demands to know your credit card number for seemingly no reason, then the reason is likely unsavory.
Also, don’t trust anyone who contacts you via email claiming to be an employee or an official. If you are contacted, contact your credit card company or bank, and ask whether everything is ok.
Is cybercrime on the rise?
Yes, unfortunately. Cybercrime continues to grow as we become more and more technologically advanced.
Final Thoughts
Credit card-based payments are simple and convenient. However, credit cards do leave us exposed to danger. So, stay vigilant and ensure you are protected from fraud that thousands fall victim to daily.
