No one wants to become the victim of a credit card scam. Unfortunately, the truth is that credit card fraud may be more prevalent than most Americans think — and it isn’t only the elderly who are being targeted. Between 2017 and 2021, the number of scam victims under the age of 20 rose by more than 1,000%.
Awareness of some of the most common credit card scams and how they operate can help consumers avoid these fraud cases. In fact, monitoring and protecting accounts against fraud is an important way of protecting credit scores. The following are credit card scams consumers may run into.
Overcharge scams are a common form of fraud that usually begin with an unsolicited phishing attempt to obtain a credit card holder’s personal information. In this scam, which is often performed through text messaging, a fraudster sends a message to their victim claiming that the recipient’s account has been overcharged.
The scammer may claim to be from a legitimate company that the victim has made purchases from — for example, common subscription services such as AT&T or Netflix. When the victim replies, the scammer will solicit their credit card information under the guise of processing a refund.
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