With cash is being used less frequently, credit card fraud is more rampant than ever, and it’s important for American consumers to be on the lookout, so they don’t risk becoming a victim of consumer fraud related to their credit cards.
Here are five of the most common types of credit card fraud to watch out for in this regard:
Lost or stolen card: When someone loses a credit card, he or she should report the loss as soon as possible to the credit card company. If the card gets into the wrong hands, failure to cancel or temporarily deactivate the card could result in unlawful charges being made without permission.
Skimming: This is a process in which thieves take the information embedded in the magnetic strip on your card and use it to build a new card, which they use to make fraudulent purchases.
Phishing: This type of fraud involves malware or going to a fraudulent website. A simple program eventually gets activated that gives thieves access to the information on your computer. They could even pull your keystroke information to gain access to your passwords when you visit a credit card or banking site.
Identity theft: This happens when a thief acquires your personal information (such as your address and social security number) and gets a new credit card in your name, which he or she then uses to make fraudulent purchases.
Address changes: Address changes happen when a thief contacts your credit card company and uses your name to ask for a replacement credit card. The credit card thief then uses your replacement card to make various purchases and/or monetary withdrawals.
Were you a victim of credit card fraud or some other kind of consumer fraud. Learn more about your legal rights and options now.