HomeLifestyleThese Are the Credit Scams to Watch Out for in 2023

These Are the Credit Scams to Watch Out for in 2023

Credello: It's always crucial to watch out for scams. They have existed for as long as society has. As technology has advanced, so have the scams accompanying that new tech.

That is the case when it comes to credit card fraud. We will talk about that in this article, and we'll also talk about a significant weapon you can use to deter these threats.

Fraudsters Trying to Open Credit Cards in Your Name

One of the simplest tricks fraudsters might try is opening a credit card in your name. If they can do it successfully, they can charge items or services on the new card, and they will stick you with the bill. Many times, they'll try maxing out the credit card before you are even aware of what is happening.

If someone can open a credit card in your name, they must have your full name, birthdate, and similar personal information. They must also have your social security number, which is usually the most challenging for them to obtain.

If they do, they might have gotten it by going through your trash and using any documents with your social security number and other personal information on them. That's why it is crucial for you to shred those documents.

Stolen or Lost Cards

Someone using a card that you lost and charging things on it is another credit scam. They might also steal your card if they break into your residence and take it.

The way you deter this activity is to keep careful track of where your cards are at all times. If you ever misplace one, make sure you contact the company and cancel the card as quickly as possible. They can promptly send you a replacement.

Credit Card Skimming

Credit card skimming involves you inserting your card or swiping it at an inauthentic payment point. Scammers will put skimming devices on ATMs in the hopes that someone won't notice them.

To deter this, you should only use credit card payment points or cash machines in banks or other places that seem legit. If you use an ATM in a back alley, it's far more likely to have a card skimmer attached to it. 

Credit Fraud Alerts

These schemes are being perpetrated every day by unscrupulous individuals, but you have a major weapon on your side other than vigilance. You can also sign up for credit fraud alerts.

Various companies offer this service. You sign up with them and let them know all the credit cards in your name. Then, they monitor all activities having to do with those cards.

If they detect what they think could be fraudulent activity, they will immediately contact you. You can confirm it's fraud and shut down that card, or you can say the activity is legitimate and go on with your day.

If You Stay Vigilant, You Can Avoid Most Scams

You must watch out for credit scams in 2023. Some of the most prevalent ones include card theft or someone using a lost card. You must keep track of where your cards are and check your account every day to see whether there are any unrecognized charges.

You can also watch out for card skimming devices that some fraudsters attach to ATMs and other payment points. Avoid ATMs in bodegas and alleys, and don't swipe or insert your card if you ever see a suspicious device attached to the ATM.

You can also shred any documents with your social security number and other personal information. That can prevent someone from opening up a new card account in your name. You may also want to sign up for credit fraud alerts. Companies can provide you with this service for a nominal fee.

Follow these tips, and you can avoid credit scams in 2023.

About Credello

Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.

Credello believes that finding the right financial product should be as easy and interactive as online shopping and we are on a mission to make that possible. For more information, please visit https://www.credello.com. 

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125


Original Source: These Are the Credit Scams to Watch Out for in 2023

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