Credit Card Insurance and Security Scams
Scammers have targeted credit cards since their inception. In the old days, before electronic transfers, people used to worry about the carbon slips falling into the wrong hands. These days, people worry about everything.
It is true that scammers and thieves can obtain financial details by stealing or hacking electronic equipment. However, it is not true that you will have to pay the entire bill if you have been hacked or scammed. Check with your credit card provider as to what are your liabilities, in most cases it is only $50, provided you notify the lending organization in reasonable time.
Recently, credit card insurance and security has been a prolific scam, with people phoned and harassed using scare tactics. These are some of the scams that thieves are using
Pretending to be a representative of your credit card company such as VISA or MasterCard and insisting that you must have credit card protection.
Calling and insisting that they need to verify your credit card information for some reason. Usually, that they have been instructed by the Federal Trade Commission to call credit card holders to obtain their credit card numbers and expiration dates.
Another one is insisting that your credit card numbers might be wrong, or that they need to verify and you have to divulge your numbers in order to receive credit card protection.
Pretend they are calling to check the security of your credit card number for possible fraud, then insist they, or anyone else, could get your credit card number off the Internet at anytime, so you need to buy credit card insurance
Inform that you are liable for all unauthorized charges on your credit card account, that a computer bug could make it easy for thieves to place unauthorized charges on your credit card account.
Imply that they are calling from “the security department” and want to activate the protection features on your new card or check that your card is secure.
