What you need to know about credit card frauds
Posted On July 7, 2021
Credit card fraud is on the rise, and new forms of fraud are appearing on a regular basis.
But the numbers of fraudsters on the planet are increasing, with data from the credit reporting company Equifax showing that the average number of fraudulent credit cards issued in the US increased by 17 percent from 2016 to 2017.
But as we’ll see, it’s not just new forms that are cropping up.
Here are five other new scams that are becoming more common.
Online banking: The online banking scam involves sending someone a check, which is then used to make a fraudulent charge.
Credit card issuers have made it very difficult for consumers to report fraudulent charges, so if they’re using their cards to send a check or make a credit card payment, the chances of them getting caught are high.
Money-laundering: There’s no better way to steal money than to steal it from people, and this is a scam.
In this case, someone may send someone an email asking for money to pay for something, then later use the money to make fraudulent charges to people.
Fake insurance: Some insurance companies are claiming to be a legitimate company offering affordable policies.
They may also claim to have more than 200,000 policies on their website.
But these policies are fraudulent, and the scammer may use their own personal details to sign up for the policies.
Credit-card theft: Many credit-card companies offer their customers the option of paying their credit card bills online.
However, it can be a risky business to pay a lot of money to get your credit-coupon balances paid, and even more so if you’ve been told that your credit is outstanding.
So if you want to avoid paying your bills with your credit cards, you’ll want to take a look at the other scams.
Identity theft: Identity theft is when someone impersonates someone else in order to steal your identity.
This is the most common scam because you’ll think that you’re paying someone else for services or things, but actually you’re just using someone else’s name and password.
The scammer will also claim that he/she is a legitimate service provider, and it’s easy to be fooled into believing that they are.