Credit Card Scams: How to Avoid Being Fooled

In general, thanks to modern technologies, card payments and cash withdrawals are very safe. However, most debit and credit card fraud occurs online and often starts with a phishing message. With phishing, criminals try to trick victims into revealing passwords and other personal information.

Fraudsters act in an increasingly sophisticated way: they pose as well-known companies, banks or delivery services and send messages via email, SMS or WhatsApp. They invite recipients to click on a link or open an attachment. Those who do so risk handing over their personal data to criminals or infecting the device with a virus.

Keep some precautions in mind

Since credit card fraud occurs primarily online, the national Card-Security prevention initiative, promoted by the police and debit and credit card providers, has formulated some simple mnemonic rules. Following them can help you prevent many crimes.

• Never click on links or attachments from unknown people.
• Always examine the content of emails critically
• Be wary of messages with generic or impersonal greetings.
• Urgency and pressure are suspicious signs.
• Always check the sender carefully.

Be careful with carding…

A widespread scam is the so-called carding. Criminals collect victim data, for example through phishing, or purchase it on the darknet, such as credit card numbers. They then use this data to make online purchases at the victims’ expense or to buy vouchers to resell and convert into cash.

Victims often only realize this when the money has already been stolen. Particularly insidious is the fact that months can pass between data theft and actual fraud.

Advise: only use cards with two-factor authentication and choose strong passwords for your online accounts; you only buy from reliable shops, possibly with the «Trusted Shops» quality mark; the brand is usually located at the bottom right of the computer or phone screen; activate automatic notification for card payments; Furthermore, it is advisable to regularly check the movements of your account and immediately report any suspicious transactions to the financial institution.

… e allo shimming

Shimming is another technique used by scammers and is an evolution of the already well-known skimming. Criminals insert a very thin and difficult to detect device into the card reader slot, for example in an ATM, a ticket machine or a payment terminal at a petrol station. During the transaction, this device allows the card chip data to be intercepted and read, thus allowing the creation of fraudulent copies.

With skimming, however, the magnetic stripe of the card is copied and the PIN code is often stolen using microcameras or tampered keyboards.

You can protect yourself from shimming and skimming by following some security measures.

• Pay attention to the card reader and check the insertion slot. If the paper is difficult to insert or you notice unusual resistance, a shimming device may be present.
• Does the card remain blocked? Block it immediately and contact your bank. This will prevent it from being recovered or read by scammers.
• Whenever possible, use ATMs located inside bank branches, which are generally better protected against tampering.
• Activate geoblocking via online banking or the bank app. You will thus be able to limit the use of the card to certain geographical areas and periods of time. Remember to reactivate the corresponding countries if you intend to go on holiday to these locations.
• Check your bank statements regularly for any suspicious spending or cash withdrawals.

Do you want to know more or have questions about cybersecurity? Order the free information sheet or contact your advisor.