Credit Card Frauds: How Not to Fall Victim 

• What counts as credit card fraud?
• Credit Card Scammers Use Special Programs
• Beware of Instagram and TikTok Shadow Offers
• General Recommendations on Prevention of Credit Card Fraud

It’s good to be in a leadership position ahead of the rest of the countries. That’s honorable, but not when it comes to credit card frauds. It should be noted that this problem is relevant for the whole world. The scam attacks leave many large businesses vulnerable, as well as ordinary cardholders.

The biggest credit card frauds in history of USA probably refer to 2018 year. The year when out of all scams all over the world, the USA accounted for 38,6%.  In terms of specific numbers, we are talking about $27,9 billion. In the year 2024 (January- October), 60% of credit card users said that they had noticed suspicious activity on their cards at least once during the year. Payments were made that the credit card owners did not make. Economists say that the existing tendency of scam attacks on credit cards may result in $43,47 billion up to 2028. It would be the biggest credit card frauds in history. How to protect yourself to avoid falling into the hands of scammers? Today we will throw light on the problem.

What counts as credit card fraud?

Credit card fraud is used to describe illegal actions made on a payment card, such as a credit card or debit card. The goal of such actions may be to obtain goods or services or to make a payment to another account that is controlled by the scammer. Scammers can call you and identify themselves as a bank representative and report that your data has been compromised. In addition, quite often fraudsters use lost cards or steal cards and use them.

Credit Card Scammers Use Special Programs

If you think that if you do not tell the fraudsters your card data, it is under reliable protection, it is not so.  Nowadays, they have a number of computer programs that allow them to find out all the necessary data from your card in a matter of seconds. First, they match the numbers to your card and verify by making a payment for a small purchase. Once they’re sure it’s working properly, they make larger purchases.

Measures against special computer programs

Make it a habit to check every debit from your account on your statement. That way you won’t miss anything suspicious. But if you suddenly find a debit from your account and you did not buy anything, you should immediately contact your card company and inform them about it. In addition, you can activate automatic notification when you make any payments from your card.

Small Purchases to Which You Don’t Pay Attention to

This point partly echoes the previous one. If you make large purchases, it is immediately noticeable, but small purchases do not always attract our attention. It was perhaps a pack of cigarettes or a pack of chips. And it is these purchases that we do not pay attention to. And when fraudsters gradually write off small amounts of money from you, you just don’t pay attention to it.

Measures against “small purchases”

As in the previous case, you need to monitor your every purchase. Even the smallest one. And if you find a suspicious purchase that you did not make, immediately report it to your bank.

Fraud Websites that Copy Original Websites

Scammers may try to mirror some popular online shopping website. For example, Amazon. You get an offer in the mail to make a purchase. Some lucrative offer. And you follow the link. Allegedly make a purchase. The scammers can get your card details.

Measures against “fraud websites”

Before you open any link from a store you need to make sure that it is a store and not a copy of it. This can be easily checked by the URL. You can go through an additional tab and enter the name of the store. Compare the URL on the site and the one attached in the email.

Point of Sale Skimming

Another potential trap for your cards is directly reading the magnetic stripe or card information while paying for a purchase. For example, ATMs and cash dispensers can be equipped with special devices that read all the necessary data.

Measures against “sale skimming”

If you pay close attention, you will definitely notice the following:

• some flecks of material different from the main part of the machine or ATM;
• strange stickers on the machine;
• card trays that seem too large or bulky.

In other words, if you have a feeling that something is wrong, don’t use the machine.

Beware of Instagram and TikTok Shadow Offers

Now everything is sold and bought through popular social networks and under the guise of beautiful pictures and videos generated by artificial intelligence you will be waiting for scammers. You can transfer money for a product that doesn’t exist or you can allow fraudsters to take your data when you pay with your card.

Measures against “social media scam”

Shop through accounts with lots of subscribers. No hidden comments. It is good if your friends have already purchased something through this account and can assure you that it is safe.

General Recommendations on Prevention of Credit Card Fraud

There are a number of other simple preventative measures that will keep you out of trouble in the future:

1. Make it a habit to update your data password periodically. Do not use combinations such as the year or birthday of yourself or any of your relatives.
2. When paying for purchases online, try not to use public Wi-Fi.
3. Never share your data with third parties for any reason.
4. Be careful about giving your card details when paying for certain services or buying goods.
5. If you do not use any account to which your card is linked for a long time, it is better to delete it.

Summarizing all of the above we can say that nowadays the number of credit card data thefts is increasing, but at the same time you can protect yourself. Your attentiveness and timely appeal to the bank if you suspect something will help to avoid many problems in the future.