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Credit card fraud is so common nowadays
that credit card users have to be very alert to avoid
identity theft and other types of high-tech scam.
Unfortunately, some of them do not know the bank’s fraud
liability policies and become an easy game for fraudsters.
There are several ways you can be diddled out of your money.
Scenario #1
Company X offers you a credit card loss protection deal so
in case your credit card gets lost or stolen you won’t be
liable for the unauthorized charges. The fee is usually
reasonable (around two hundred dollars) so the whole thing
seems to be worth paying for. The trick is that if you a
credit cardholder your liability is limited to $50. Of
course, the fraudsters know about that so if you ask
something about the zero liability policy they will try to
convince you that the law has been changed. Or they will
claim that the limited liability is only for those credit
card owners who have been able to report the fraud in 48
hours.
Sometimes the fraudsters promise that you can cancel the
service and get your money back but whenever you try to call
the line is busy or nobody picks up.
Scenario #2
You get an e-mail or a phone call from the bank saying that
they are offering a new credit card loss protection service
or they simply want to activate a new credit card protection
feature. All you need to do is give them your account number
or other kind of your personal information. Obviously, you
are about to become an identity fraud victim. The smartest
thing to do in this situation is to hang up or delete the
e-mail. Your bank will never ask you to disclose your credit
card information in such an insecure way. Actually, they do
not need it because they already have it!
This type of credit scam is much more dangerous because by
giving away your credit card information you make your whole
account vulnerable while in scenario #1 you just pay for
something that does not exist.
If you feel that your credit card needs some extra
protection, you can always contact the issuing bank. Quite
often the bank is eager to give you additional protection.
For example, HSBC Bank for a small annual fee will give
extra protection to your credit card account. The Identity
Protection Plan includes special security software, 24-hours
lost or stolen credit card notification, credit bureau
monitoring, and professional help of a fraud resolution
manager. Similar services are offered by many banks.
Credit card security is a very important thing for any
consumer. So, to protect your credit card from fraudsters
avoid credit card loss protection scams.
Wendy Drews is a young perspective credit card specialist. She has a number of articles about credit cards and credit card deals.
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