The tactics used to fight credit card scams are getting more sophisticated all the time. Unfortunately, so are the tactics used by credit card scammers.
More than 2.3 million cases of fraud and identity theft were reported in 2019, according to the Federal Trade Commission — an increase of 26% from five years earlier and 138% in a decade. Credit card-related scams accounted for a significant chunk of those cases, including more than 40% of identity theft reports. And those were just the cases that were reported to law enforcement and consumer protection agencies.
Whether they’re putting a new spin on an old scam or inventing a new scheme, calling on the phone or reaching out over the internet, credit card scammers are always lurking and looking to strike. Knowing how the most common scams work and how to avoid falling for them can keep your money and your identity safe.
Here are six common credit card scams to watch out for.
This credit card scam is a particularly cruel violation of people’s good-hearted instincts to help.