They may use this information themselves or sell it on the black market so that others can take over your account.īecause identity theft is so common, you want to choose a bank that can handle the situation easily and promptly. This method includes skimmers that manipulate credit card machines with electronic attachments to collect your private information. Victims are increasingly receiving phone calls from scammers posing as credit card companies, debt refinancers or the government to obtain credit card and personal information. The perpetrator requests a change of billing address and gets the new card sent to the alternate address.
Scammers obtain so much of your information, they can report your card lost or stolen and order a new one - starting a new account. Also called “account takeover” or “new account fraud,” this type of fraud is the most invasive. Statista projections expect CNP to grow by 37% from 2016 to 2017. This is the most common way credit card fraud occurs and with online shopping increasing, it will only grow. Servers at restaurants and desperate family members can grab your digits and potentially use them to go on a shopping spree. It includes unauthorized purchases that occur on a phone order, the Internet and even through traditional mail order catalogs. For the thief, this is the safest and simplest method. The proportion of fraud that occurs this way holds steady between $800 million to $900 million. They then use your personal information to order new cards, make Internet purchases with your card in hand or withdraw cash with “checks” intended for promotional programs.
Scammers grab your physical credit card or your statements from your mail. The oldest trick in the book still works. Credit card thieves take advantage of three main types of credit card fraud.
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