Credit card scams and frauds through mails are no new way of lotting people online, in fact, the card in your pocket might not be as secure as you think of it. The world of finance has taken a major boost after the invention of credit cards and electronic money. While the benefits are remarkable, the dangers of scams, frauds, and deception have risen up. The information written on your card, which includes your card number, date of expiry, cardholder name and CVV is enough for you to get tricked out of your money. And adding this to your surprise, physical ownership is only a deception since all a thief or a fraudster needs are the numbers present on the card to cheat you. So, let’s know more about these scams here and take the steps of securing our money, one-step-at-a-time…

Lost or stolen cards:

Lost or stolen cards are very common and should be reported to the bank as soon as possible to avoid any harm by freezing or canceling the card. If the card falls into wrong hands, it may be misused by fraudsters, scamsters, and other people who try to hoodwink you out of your money.

Account takeover:

Account takeover is when a fraudster contacts the cardholder pretending to be some company or prize distributor and tries to gather information about the holder. Once they have it, they contact the bank saying the card was stolen or lost. Using the gathered information, the fraudsters usually manage to convince the bank to issue a new card with the same name as the original cardholder.

Scammers may even refer to themselves as the bank and claim to speak on behalf of the bank or credit card company. In such cases, the account-holding victim could get scammed and the thieves could ask them for sensitive information that the unsuspecting people give.


Skimming of cards is when the details of a card are used to make a clone of the card which is then used for transactions by the fraudster. This is done by devices which read the card and gather details once the cards are swiped through the device. Scammers have started recruiting cashiers and waiters as skimmers and they swipe the card through the skimming device when the victim is not looking

Free WiFi:

Free WiFi is a method where the scammer will provide access to a free wifi connection in a public place. To save data, many people might log into the free wifi and use it. This may be unsafe since the scammer can virtually access any information sent over the network. If someone uses the network for an online transaction, the details of the card used and the associated account can easily be misused by the fraudster.

Being alert and aware will help everyone be more secure and confident of their bank accounts and cards. Following a few steps and rules can make sure none of the frauds happens to anyone. 

Here are the steps that you must follow:

  1. Hang up any time a caller asks you for personal details. Don’t give out any personal information or confirm the same to any calls that you yourself did not initiate. Call the legitimate number at the bank or the credit card company for any inquirie
  2. Monitor your account daily and keep yourself updated with every transaction that has taken place in your bank account. Use your smartphone and check the bank’s mobile application for more security
  3. Be careful of any information you exchange via a free or unsecure network. Make sure you’re not using it for any important transactions or sending any sensitive details to anyone
  4. Inspect all card readers and machines before swiping your card through them. Check for any devices that seem out of the place for an ATM or card-readers. If you find that the machine has been tampered with, alert the concerned authorities and avoid transactions at that merchant store
  5. Report the concerned people if any unauthorized transaction takes place in your account right away. Look out for any changes you did not request and contact your credit card company or bank as soon as possible to avoid any potential damages at the expense of your card