Beware Of Credit Card Scams
Posted October 7, 2010 – 6:42 am in: LoansBeware of credit card scams. Many have been perpetrated against people unfamiliar with the scope of the problem. An email arrives telling you your credit card numbers have been stolen. Then it gives you a link to use. Follow it and they will take care of 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.
He then has to try all possible expiration dates. When it works, he verifies it by making a small purchase, then voiding it. He puts in tedious hours compiling a list of credit card numbers that he has confirmed are good.
The next step is to find a gullible seller who will allow him to order an expensive item and split the cost among three or four credit cards. He has the goods shipped overnight. By the time the vendor is notified that the legitimate owners of those credit cards are denying the charges, the scammer is long gone.
The credit company must assume the loss because anything over $50 cannot be passed on to the real owner of the card. We all suffer as a result because prices are raised. So, beware of credit card scams. You will have to get new accounts, change all your personal passwords and the scammer will still have your social security number.
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categories: credit,finance,investing
