Beware Of Credit Card Scams

Everyone should be warned to beware of credit card scams. The scammers in one scheme send out an email telling you your bank account has been compromised. They give you a link to go to for it to be corrected. They rush you by saying you only have so much time to stop the criminal.

When you click the link in the email, does it take you to the website belonging to your bank? No, it takes you to the scammer’s website. There you are urged to rush and send your card numbers and other personal information to him.

The problem is, the website does not belong to the credit card company. Your information is being collected by the scammer on his website. By the time you realize what happened, he has been out shopping for expensive electronics and jewelry, using your credit card.

One scam works this way. He started with a Visa number that he knew was good. He then tried a series of numbers and expiration dates, the ones that start from the number he knows is legitimate. Thus, if the good card shows 6333 as the last four digits, he tries using 6334 as the last four digits.

Next he tries out expiration dates till he finds one that matches. Then he verifies that it works by making a purchase. He immediately voids it to avoid alerting the real owner of the numbers.

He finds a seller online who will sell him an expensive piece of merchandise and split the cost among three or more cards. He orders next day delivery. By the time the seller realizes the real owners of the cards are disputing all charges, the scammer has accepted delivery of the merchandise and is nowhere to be found.

Since the real card owner cannot be charged more than $50 of the amount charged by the scammer, the card company has to take the loss. Then we all pay higher prices as a result. Beware of credit card scams. If an email arrives from an unfamiliar person, click delete without even opening it.

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