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Credit Card Scam - How to Protect Yourself

Americans only make up a quarter of the credit card users in the world, but almost half of the world’s instances of credit card scam happens in the United States. There are a few factors behind this shocking statistic, but the main reason is because American credit card technology is becoming increasingly outdated. In many other countries, credit and debit cards have a chip built into the card. This is the gold colored square on the front side of the card, and it acts as a barrier between credit card machines and the hackers who want to steal your money. Unlike the magnetic strip on the back of your credit card, the chip actually encrypts your information. By encrypting your credit card details, it makes it much more difficult for someone to steal your information.

Theft is becoming more high-tech.

These days, stealing somebody’s money isn’t done as much by mugging or pick-pocketing, but rather hacking credit and bank cards. Thieves install malicious software to card readers, or they attach hardware devices on the outside of the card machine. Whenever you swipe your card, these devices save all of the information stored on your credit card and transmit it to hackers who use the information to make purchases in your name.

The best way to stop this from happening is to never use the magnetic card reader unless absolutely necessary. It is not a secure way to purchase items. If you leave the door to your house unlocked when you go to work, it is not guaranteed that someone will not walk in and steal your belongings. The same concept applies to using the magnetic strip; every time you swipe your card, you are leaving yourself open to hackers stealing your banking and credit card details.

Cases of Credit Card Scam

Cities like New York, which have millions of tourist who visit, are rife with cases of credit card scam. Just last year a group of men were arrested for stealing about $18,000 and purchasing a number of name brand products. Not only do tourists make easy targets, but big cities have a lot of small, independently ran shops that can target customers. Usually, it is not the shop owners that are involved in the scam, but rather employees that tamper with the credit card readers.

Credit Card Fraud

Implementing Security Chips

The United States has begun to implement security chips in a number credit and debit cards to fight credit card scam. If you are planning on using your card at a restaurant or any retailer, never give it to an employee and let him or her walk off with it. Always be able to see your card at all times, so you can be sure that it is not being stuck into a device that clones it or extracts data. Also, refrain from drawing money from ATMs that don’t look official. If you are unsure, it’s better to walk or drive to the nearest bank and use their ATM. The fees you experience from drawing money at a third party bank are much better than becoming a victim of credit card fraud.

If you are in need of further legal help or advice, contact Team Green Lawyers for a free consultation.