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How to Stay on Top of Credit Card-Related Scams

Identity Theft

It is no wonder that credit card-related scams are on the rise. Many credit card thieves and scammers have taken advantage of the countless Americans who are in some type of financial difficulty.

In short, they are preying on the most desperate Americans. Although this sad truth is all too prevalent in today’s society, there are a number of things we can all do to protect ourselves from credit card scammers. In particular, we need to know what to look out for. Here are some of the latest credit card-related scams that have come to light:

• You should never have to give up your credit card or banking numbers on a job application. This newest credit card fraud took individuals who were anxious for a job for a ride; these scammers faked jobs and lured individuals into thinking they were being hired for a position. As a result, many individuals willingly gave up their personal credit card and banking information on these fake job applications. The scammers made the applicants think that they were merely checking their credit report; instead, they took them for a ride by stealing their credit card information.
• You should never become involved with any type of debt assistance company before thoroughly checking their credentials. There have been a number of debt assistance scams that have convinced individuals to pay them a fee in return for either erasing or reducing their credit card debt by working with their creditors. Unfortunately, all they did was take off with these consumers’ money.
• You should never give your credit card numbers over the phone unless you initiate the call. Credit card phone scams have been increasing as of late, so it is important to pay close attention to anyone soliciting you and promising you lower rates. Never, ever give your credit card information to anyone who calls you; there is absolutely no way to verify who is making the call. If you have any question regarding whether it is really a legitimate call, ask for their name and phone number and immediately contact your credit card company to check the validity of the credit card offer.

Credit Card Fraud is on the Rise: How you can Protect yourself from becoming the Next Victim

Identity Theft

The numbers are quite staggering: credit card fraud flew to the number-one spot in 2009 in terms of identity theft. In particular, credit card fraud accounted for nearly 75 percent of all identity theft cases last year.

This jump in credit card fraud represents an amazing 63 percent increase from 2008. In addition, the number of identity theft victims rose 12 percent to 11.1 million.

Other numbers reported by Javelin’s annual identity theft fraud report include:

• Total losses from identity theft rose 12 percent to $54 billion in 2009, up from $48 billion in 2008.
• Theft amounts, per victim, were approximately $4,481 in 2009.
• Debit card fraud dropped to 33 percent of all identity theft, down from 35 percent in 2008.

It’s no surprise that identity theft is steadily increasing, given the amount of time that individuals spend on the Internet, notebooks and PDAs.

So, what can you do to ensure that you’re not the next victim of credit card fraud?

• Use one credit card exclusively for online shopping. This will allow you to better monitor the card and the activity on the card. You may also want to request a lower credit limit on the card to prevent a credit card thief from going wild on your credit card.
• Make sure all of your credit cards have ample credit card theft protection. Carefully read the terms and conditions of your credit cards so that you are aware of your responsibility should your credit card be stolen.
• Never, ever, ever make a purchase online unless you have the most up-to-date firewall protection.
• Pay close attention to merchants when handing over your credit card. Many of the identity thefts of today can steal your credit card numbers in a matter of second using small, handheld devices called skimmers. Many times, this theft is done when the merchant walks away from the counter to complete your purchase.
• Use the power of the Internet to check and recheck your credit card accounts. Easy-to-navigate credit card websites allow us to check our current balances, view recent transactions and pay online. Use this technology to keep a close eye on your credit cards so that if your credit card account is compromised then you can deal with it sooner than later.

RevolutionCard Brings Change to Credit Card Industry

Identity Theft

RevolutionMoney has finally launched its highly anticipated RevolutionCard, which is a secure alternative to standard credit cards.

Why the RevolutionCard is Different

Examples include the fact that the RevolutionCard has no account number, name, or signature line on it. The payments are therefore authorized by entering a PIN number, similar to that of a debit card. To make purchases online or by phone, customers can simply use their PIN number.  In other words, the cardholder does not have to provide an online retailer with a credit card number, thereby making the transaction more secure.

The RevolutionCard may act like a debit card, but customers receive the same rewards offered by standard credit cards. In fact, customers of the RevolutionCard are afforded plenty of loyalty programs, which include exclusive offers and discounts on many types of purchases.

Benefits of the RevolutionCard

The RevolutionCard was designed to combat identity theft that has plagued so many millions of Americans. Many consumers are looking for alternatives to traditional credit cards out of fear of credit card theft, and the RevolutionCard fits the bill nicely.

The RevolutionCard is offered by RevolutionMoney, which is a part of Revolution LLC, a company founded by Steve Chase, the founder of America Online.

The RevolutionCard is the first of its kind in the industry, and is the first new credit card brand since the introduction of the Discover card in 1985. It is the first card that is activated and used by entering a four-digit PIN code.

Because there are no credit card numbers on the RevolutionCard, the chances of the card being stolen and used by credit card thieves is greatly reduced. The card also encrypts all transactions and activities, thereby providing an added level of security.

The processing involved with the RevolutionCard is also reduced, thereby offering retailers reduced fees and merchant incentives.

The RevolutionCard is currently accepted at over 650,000 retailers across the United States. In addition, 85 percent of ATMs now accept the RevolutionCard.

The RevolutionCard may become a growing trend in the credit card industry, as many traditional credit card companies hike up interest charges and related fees for their cards. As a result, many customers are looking for other options in an effort to avoid the skyrocketing charges associated with traditional credit cards.

How to Prepare for a Lost or Stolen Credit Card

Identity Theft

If your credit card was lost or stolen tomorrow, would you know what to do?

Quick: what is the name of your credit card company and what is their contact information?

If you don’t know the answer to this question, you’re not alone. Many consumers simply don’t know who to call or what to do if their credit card was lost or stolen. And, unfortunately, not having this information on hand can end up costing you much more than a credit card.

Here are the steps to take if you simply can’t locate your credit card:

1. Before you find yourself with a lost or stolen credit card, keep a list of all your credit cards, along with their numbers and contact information, in a safe place so that you have a reference to turn to.
2. Take a deep breath and try to remember the last time you used your credit card and where you used it. Often times, we may misplace our card during a particularly hectic day and end up panicking when we can’t find it.
3. If you have checked your home, your car and your personal property thoroughly and you are convinced that the card has either been lost or stolen, you will need to take immediate action and contact your credit card company. You must report your credit card missing or stolen so that you won’t be held responsible for all of the charges placed on your card.
4. Get in the habit of carrying only one card with you at any given time to reduce the damage done by a credit card thief. If you are the victim of a pickpocket or mugging, you won’t have to deal with reporting multiple cards.
5. Remain knowledgeable and know that credit card thieves may be able to steal your credit card information, even without stealing the card itself. Keep your credit card close at hand while shopping and only shop on trusted websites with secure servers.
6. Check your credit report on an annual or semi-annual basis so that you can check for anything out of the ordinary on your credit report.

Fighting Credit Card Fraud: What you need to Know

Identity Theft

A sobering fact in today’s technology-driven society is that fraud – particularly credit card fraud – is an increasingly serious problem that many of us will fall victim to at one point or another.

From stealing your credit numbers to your identity, credit card thieves are craftier than ever, which can cost you big.

The following are the most frequent types of credit card fraud, and what you can do to prevent it:

Skimming –

• What is it – Skimming is a fairly new type of credit card fraud that happens when you hand your credit card over to make a purchase. The thief takes your credit card and, in a matter of seconds, steals your credit card numbers using a small, handheld device called a “skimmer.”
• What you can do – Pay close attention to anyone that takes your card for a purchase, particularly those individuals that must walk away in order to complete your transaction.

Phishing –

• What it is – Phishing is credit card fraud that happens via email. Phishing are usually bulk emails that are sent to consumers. These emails, which usually disguise themselves as the individual’s bank or credit card company, ask consumers to provide their personal information. They may appear to be legitimate, even possessing the company’s logo or replicating the company’s web site.
• What you can do – Never, ever respond to an unsolicited email requesting your personal information. Banks and credit card companies will never ask for your personal information via an email message. If in doubt, contact your credit card company or bank directly to inquire about the validity of the email. In addition, make sure you type your bank’s address so that you aren’t re-routed to a fake website who can gain access to your credit card number or other personal information.

It is important to understand that, although credit card thieves are finding new ways to steal consumers’ identities every day, you can protect yourself by never responding to emails, by never providing your personal credit card information to anyone over the phone unless you have initiated the call, and by always paying close attention whenever you pass off your credit card to anyone.

Beware of Credit Card Scammers Asking for your Security Code

Identity Theft

We all know to be aware of credit card scammers, but sometimes a new scam comes along that simply throws us for a loop – and scammers are counting on it.

Many of us already know that retailers are now using the security codes on the back our credit cards as a way to curb credit card fraud. For example, the last time you made a credit card purchase over the phone or online the retailer likely asked for your credit card’s three-digit security code, as well as the card’s number and expiration date.

This is done to prevent credit card thieves from placing unauthorized charges on your credit card account without your knowledge. In other words, having a credit card holder’s credit card numbers is now simply not enough for scammers; they must also have the card’s security code to break into your account.

The Newest Scam and how it Works

Credit card scammers have now found a new way to fool credit card customers into giving up their three-digit security code (surprise, surprise), so here’s what you need to know about this scam so it doesn’t happen to you.

The scam goes something like this: a credit card thief (who is already in possession of your credit card number) calls you, claiming to be from your credit card company; probably from the security or fraud division of your credit card company. The caller then recites your address to ensure that you are the cardholder, and lets you know that your card may have been stolen, or that unauthorized charges were placed on your account.

The caller then asks you to verify that you have the card in your possession. And, of course, the only way to do this is by reciting your security code to the caller. Bingo – you’ve just been scammed.

It is important to understand that, at no time, will your credit card company ask you to reveal any private information, including your security code. If you have any doubt about the legitimacy of a call, simply hang up and contact the credit card company directly.

Newest Credit Card Scam Targeted at Veterans

Identity Theft News

We all must be aware and diligent when it comes to protecting our credit, as credit card scammers seem to be keeping up with the best efforts of industry fraud experts.

It is important to note that no one – and I mean no one – is safe when it comes to credit card scammers.

Case in point: the Department of Veteran Affairs recently sent out a warning to all veterans, as the latest credit card scam appears to be targeting this group.

The scam against veterans works when a scammer calls a veteran, posing to be a VA worker. The scammer then proceeds to ask for the veteran’s credit card information so that he/she can update the veteran’s prescription information. The scammer often informs the veteran that the VA has changed the process of dispensing prescriptions, so they need a credit card to do so.

Veterans need to understand that the VA will NEVER ask them to disclose their personal or financial information over the phone.

Although this scam is not new, the Department of Veteran Affairs has noticed a sharp increase in this type of scam as of late. And credit card scams are just one of countless scams targeted at veterans at any give time. Other scams targeting both active military and veterans include life insurance scams, payday loan scams, car title scams, repair scams and loads of fraudulent discounts.

How to Protect yourself from Credit Card Scammers:

• Never reveal personal or financial information to ANYONE unless you have initiated the call.
• If you are ever suspicious of a call, simply hang up and contact the company directly to address the validity of the call.
• Never open or respond to unsolicited emails, even if they claim to be from a trusted source. Banks, credit card companies and the VA will never ask for your personal information via email.
• Only do business with trusted sources.

Important Facts about Fighting Fraudulent Credit Card Charges

Identity Theft

Most creditors offer some protection against fraud and identity theft, but this protection is not all-encompassing. In other words, there are a certain set of rules to which you must abide to be covered by your creditor for fraud and identity theft.

For example, there is a recent story about a Denver man that paid on his credit card religiously, every month, for the same amount. Because of this, he rarely looked at his monthly statement; he just simply sent in his fixed payment. That’s all fine and dandy, but what he failed to do was realize that a credit card thief had managed to charge upwards of $11,000 on his credit card. Because the Denver man failed to realize these charges in 60 days, as required by the creditor, he was, in the end, responsible for all those charges.

Although most fraudulent charges or mistakes to your credit card account will be considerably much less than the Denver man’s $10,000 bill, they can still sneak onto your bill when you’re not looking. Don’t be caught paying for someone else’s mistake or fraudulent activity. Take charge now and fight back against fraudulent charges!

What you can do to protect yourself against paying for fraudulent charges on your credit card:

• Always, always, always carefully read your monthly statement. Just the like above story, if you fail to notice fraudulent charges on your card in the time frame set forth by your creditor (usually 60 days) then you, too, could be responsible for any charges on your card.
• Contact the merchant directly if you notice a discrepancy on your credit card bill. Often times, discrepancies on your credit card are simply mistakes. If you are unable to find a resolution to your problem with the merchant, contact your credit card company.
• If you find yourself in a situation where the merchant is denying a mistake, you will want to provide documentation to plead your case. Keep all receipts, email and tracking numbers and submit them with your dispute to your credit card company.

College Students Beware: Learn about Identity Theft before Heading Back to School

Identity Theft

Technology has proven itself to be an evil necessity. Although it has afforded us many ways to communicate and to give and receive information almost instantaneously, it has also opened the door for thieves that nearly effortlessly get a hold of our personal information and use it to steal our money and our identity.

One area that appears to be a hotbed for identity theft is on college campuses.

The following list details the steps you can take to protect yourself and your personal information while you are away at college:

1. Perhaps one of the biggest mistakes college students make is simply forgetting to lock the door to their dorm room or campus apartment. A good lock is the first step in preventing the theft of your personal belonging, as well as your computer and related equipment, which likely have stored, personal and financial information.
2. Use password protection on both your desktop and laptop and change the password often. A simple password for your computer can prevent a great deal of damage to your personal and financial information; and luckily, every computer is equipped with this feature.
3. Be very careful about revealing any personal or financial information on social networking sites or through email. Never, ever respond to an email claiming to be your bank or credit card company, and think twice before providing information, such as your address and birthdate, on social networking sites such as Facebook, MySpace and Twitter.
4. Consider installing a tracking device on your laptop. Tracking devices, which use GPS technology, are surprisingly affordable.
5. Don’t underestimate the power of a good anti-virus and firewall program. This is one area that it pays to shop around and do your homework. Purchase the best and always remember to update it frequently.
6. Beware of public places with Wi-Fi access. Using Wi-Fi services at your campus café is convenient and practical, but it may also not offer you a secure connection. Therefore, it is wise to never engage in personal or financial business (i.e., checking your bank account balance, paying bills, etc.) while connected to a Wi-Fi system.

How to Protect yourself Against Online Credit Card Fraud

Identity Theft

In today’s technology-driven world, the idea of credit card fraud can be downright frightening. Thieves are finding new ways to commit credit card fraud every day, often quicker than credit card companies and government entities, such as the Federal Trade Commission, can keep up.

Many consumers have fallen victim to credit card fraud through fraudulent websites and thieves looking for an easy way to obtain credit card information. The sad thruth is that many consumers unknowingly offer up their credit card information to online thieves. This is often done because consumers continue to make purchases off of sites that are either phony or unsecure.

How does this happen, and what can you to reduce the likelihood that you’ll be the next victim of online credit card fraud?

• Never, ever give out your credit card numbers online if the site isn’t secure. And don’t trust that small padlock icon, either, as thieves have found ways to simply duplicate it on unsecure websites. Instead, shop only through trusted sources, and make sure the website address begins with “https” instead of just “http.”
• Always make sure your firewall and virus software on your computer is up-to-date, and don’t make a single purchase online unless you know that you are fully protected.
• Avoid purchasing off any online retailer that has no permanent address or phone number.
• If you are still unsure about the online company in question, contact your local Better Business Bureau.
• Never respond to an unsolicited email from a company offering you a “great” deal.
• Avoid using your debit card for online purchases, as this can put your bank account in jeopardy. Instead, use your credit card to make purchases, as most credit cards have protection plans against unauthorized purchases.
• Contact your credit card company IMMEDIATELY if you suspect fraudulent activity. Contact the three, national credit reporting agencies, as well, and ask them to flag your credit report for any suspicious activity.

It is important to remain educated and diligent when it comes to your private credit card information, as this can mean the difference between convenient, online credit card transactions and a great deal of grief.