Shopping was never easier, and being a consumer was never more convenient thanks to the internet. However, these conveniences come with some risks and looming fraudsters looking for the incautious to steal their data and money. The risk of credit card fraud has risen lately. We give you some examples of them to raise your awareness and learn how to prevent them.
Credit card frauds common examples
Randomly generated credit card number
You think that a fraudster always needs to have full access to your personal details and credit card number to make a transaction with your card. Actually, today, fraudsters use software that allows them to randomly generate and test credit card numbers. Once a transaction is approved, which is initially very small, the fraudster passes on larger purchases. With this in mind, it’s advisable to pay attention to your monthly transaction reports to spot any suspicious transactions.
Many fraudsters will make smaller but multiple purchases instead of booking luxurious vacations or buying a yacht. Regarding the previous point, it’s necessary to pay attention to these ‘’unnoticeable’’ transactions to react before it’s too late.
Spoof websites are created with the sole and primary purpose of stealing your data and money. These bear very similar brand names of well-known and reputable businesses and companies. They approach the victims via phishing emails containing special and one-time offers to collect info such as credit card numbers, personal information, contact details, etc. So be careful. You might be a letter away from the scammer.
Phishing emails are as old as the internet itself. Still, they represent one of the most common ways to steal the cardholder information. In the disguise of a request for the subscription renewal or the alert that your account has been suspended, the scammer requests sensitive info from you, sometimes PIN codes. As mentioned before, they represent themselves under the brand name similar to reputable merchants you are subscribed to. Here, the devil is in the details. Therefore, always double scan the company’s name and use common sense since serious companies and banks never require PIN codes from their clients, for instance.
What to do in case of a credit card fraud
With all described cases of fraud above, we hope you will be less vulnerable to these adversities. But in case you get into the trap, there are some reflexes to acquire. As for the phishing mails, report immediately to the email service you use.
But, if you notice an unauthorized transaction, you should immediately contact your bank. The bank will then start the appropriate procedure following the issue. Also, there are specialized companies for refunds called chargeback companies.
Whether you are going through the bank or the charge bank company depends on the concrete issue. The procedure is not the same in case the card has been stolen, there has been an unauthorized transaction by your family member, or sometimes you just can’t recall you made a purchase (yes, this happens a lot). Finally, be careful when filing for a chargeback. It can balance your account but also can be a long and daunting procedure.