Credit card innovation has evolved rapidly over the last several years. Users benefit from these changes but so do criminals from fraudsters to identity thieves, as they have more tools at the disposal. The protective measures put in place are certainly making it much harder for criminals to conduct their scams. There are plenty of ways to avoid being scammed if you know how to identify the types of credit card fraud.
This is where we are able to expedite the process for you and ensure that we recover your funds, by dealing directly with the companies as we have years of experience and a team of financial fund recovery specialists. Credit card fraud can generally be cleared up in a matter of days by contacting the card issuer. Unauthorized charges can be reversed. Cards can be cancelled. Identity theft however is not nearly that easy. You will likely be dealing with banks, insurance companies, debt collection agencies and even law enforcement for months, maybe even years before the issue gets resolved.
In this section, we highlight three of the most prolific methods used by criminals.
This type of scam involves the use of a skimming device, designed to read and store the credit card information and is typically installed on handheld card readers in restaurants or convenience stores. The other common use of credit card skimming takes place at ATM’s.
The latest chip-enabled credit cards are said to be the more secure option however they can still be skimmed. As criminals adapt to the ever-changing technology landscape and most chip-enabled cards still have a magnetic strip making it vulnerable to skimming.
Take care to examine any public card readers you use, look for signs of tampering, take your business elsewhere if possible. Keep a close eye on your account activity after the transaction. Contact your card issuer immediately and cancel the card if you spot anything out of the ordinary
Phishing commonly refers to scam emails designed to extract sensitive personal information, such as national identification numbers, payment details or even passwords. Phishing emails often lead to legitimate-looking websites where victims are prompted to enter their sensitive information.
A specific phishing scam includes but is not limited to, emails calling for you to take urgent action to avoid an issue with your credit card. Others are tech support scams, where the email indicates that an account will be deactivated if you don’t log in to confirm your information.
To avoid being a victim of phishing don’t enter sensitive information anywhere unless you’re 100% sure it’s safe. If you have doubts about an email, reach out to the sender using an email from their official website or contact them directly via their customer support.
Using public Wi-Fi is very convenient, but can also be risky. Many public networks lack strong security, which makes it easy for scammers to break into them and take advantage of unwary users.
Generally, it is not recommended if you plan any type of financial transaction as a common Wi-Fi scam is when criminals create similar names to the access point that easily fools users. These access points are set up so the scammer can see the information being transmitted between connected devices and the access point.
The most effective way to avoid this scam is to confirm with an employee to make sure you are connected to the official Wi-Fi access point.
Funds Recovery LTD is a shared intelligence and asset tracing service founded in 2020. Headquartered in Zurich and offices in Switzerland. Over 25k victims have sought help from the Funds Recovery Team.
