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What are some credit card scams?

5 most frequent online credit card scams this holiday season

Credit card fraud has gone online in much the same way that credit cards are used online. Here are some of the most common methods of online credit card fraud you need to avoid this holiday season.

Be careful of these online credit card scams this holiday season

Credit card scams have been around since the day the credit card was invented. What changes over the years is the modus operandi fraudsters use to dupe unsuspecting credit card users. Here are the 5 most popular online credit card scams you want to avoid this holiday season.

1. Gaming Fraud
Although most online games are free, many also offer online purchases of items that augment your gameplay or just make you look good while you play online. Almost all players who get hooked end up buying these items, which can be bought on the games' website. These gaming sites have become a hunting ground for scammers who want to take over your account and purchase virtual goods or get your credit card info so they can make other purchases outside of the gaming site.

2. Fake Terminals
These are fraudulent payment terminals created by scammers that mimic the real thing. They use these terminals to skim your credit card information, which they can later use to make online purchases.

3. Online Payments
These usually occur in websites where we make regular purchases – they are similar to gaming fraud. The websites we frequently visit by item or service usually keep our credit card details to facilitate transaction processing. Unfortunately, these websites are also hiding places for fraudsters who want to steal your credit card information. Most online stores do their best to protect a cardholder’s personal information but for as long as we give them such information, there's always a risk.

4. Fake Wi-Fi
This is similar to fake terminals. In this method, scammers create fake Wi-Fi networks in public areas where we expect to get free Wi-Fi access such as in coffee shops or malls. Wi-Fi access usually bears the name of the location so you will no longer feel the need to ask anyone about how to officially access it. Once you connect your device to this fake Wi-Fi access, scammers will gain access to your device and will try to get as much information from it including credit card information.

5. Social Behavior Fraud
This is the oldest method of gaining access to your information. This is done by fraudsters either calling you or sending you an e-mail telling you that there has been a problem with your account with a legitimate company where you are actually a customer. They will inform you that they need you to confirm certain information about your account. They design and word everything to sound like they are an authentic source to make you believe you are dealing with authorized representatives of whatever company they pretend to be part of.

Keep in mind that scammers always look for ways to access your credit card information – their schemes are done in unexpected situations or places online. If you're going to use your credit card this holiday season, it's important that you're fully aware of your online transaction activities so as not to fall victim to scams. For example, if you're using a money platform solution to shop online, ensure that merchants use a secure payment gateway.

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