Credit Card Fraud Stats – Protect Yourself from Being Scammed

As the technology spreading its wings, People are bending towards the Modern ways of Lifestyle whether it is related to Gadgets or Financial transactions. People are now adopting Plastic Money by leaving the Hard cash aside and that’s great to adopt the latest banking facilities according to the time changing.

Credit cards are one of the Most important Part of a human, it is quite useful and convenient to use but we have to take some measures to authenticate this system more secure. In this article, I have discussed how you can protect yourself from being scammed.

A staggering $5.5 billion has been lost due to credit card scam around the world. You can only imagine what those victims have gone through after losing everything that they have worked hard for. They took credit cards in hopes of being able to borrow money instantly.

Sadly, those who have become victims of the scam have to pay for credit card bills even if they have not borrowed anything. They even have to pay for items that scammers have bought. This is totally frustrating. As soon as it happens to you, the only thing left for you to do is to pay for what has been taken away by these criminals.

In short, you have to do something before it’s too late. There are a lot of ways to protect yourself against credit card scammers. They can only succeed if you allow them to. If you are careful with your actions and you understand their scamming techniques, you can easily avoid them.

Be vigilant:

If you have an actual plastic credit card, make sure that you keep it with you all the time. It should contain your signature so that it would be easy to detect if someone is using it to buy for items in a mall or other stores. You should also keep your financial information with you such as passwords. The most important thing is to have the phone number of your credit card company.

As soon as you have realized that the actual credit card is lost, you should immediately call the company and tell them about what happened. In doing so, they can cancel the credit card and no one would be able to use it.

If you are to withdraw money using your credit card, make sure that no one sees you encoding your pin number. Avoid withdrawing money in areas where there are no people, especially at night. Most of all, don’t let anyone hold your credit card especially if you don’t know or trust the person.

Online Transactions:

It becomes riskier for online transactions. This is where most frauds take place. Since almost everything is done online, you might be confident using your credit card to shop online or to do online banking. Before you do it, make sure that you are only dealing with legit sites. If there is something fishy, get out.

Another tip is to check the URL on top of the page. There are some phishing scams where they copy the exact content of the page you want to visit so you will log in with your password and they will know all your details. Before you know it, they have already hacked into your account.

There are a lot of strategies being done by these scammers to get your information and take money from you. They have succeeded in many ways. Hence, they are emboldened to victimize more people. This becomes a million-dollar industry for them.

The worst part is that since everything is done online, the perpetrators are barely traced. They don’t face justice for what they have done. If anyone is caught, the number is actually very low. They also don’t end up paying for what they have stolen.

Don’t be a victim:

In short, you have to be extra careful with whatever you do online. Don’t let these people succeed. Make sure that you do everything possible to protect yourself against these bad elements. It doesn’t mean though you shouldn’t use credit cards.

Considering all your financial needs, credit cards are inevitable. You definitely need to have one. You just have to be more careful in doing all your transactions, whether in a local store or online. You should also report it right away to authorities if you have traced those who are doing illegal activities.

In the infographic below, you will find more information about the incidents of credit card fraud, not just in the US, but around the world. You might be surprised with how much these people have taken away from innocent credit card holders.

We have also compiled more information to help you defend yourself against these scammers. You can study these tips so you will know what to do once it happens to you. Most people panic the moment they become a victim of fraud.

If you know what to do, you won’t let these incidents tear you apart. It makes you tougher. It lets you do anything to prevent them from succeeding in their goal.