The debit cards, as well as credit cards, mainly seem like a great option of the payment. Being the best payment option, individuals make use of the debit card and credit cards to make transactions. Due to this, there is a massive rise in the debit card scam and credit card scam.
But, initially, do you know what difference between a debit card and credit card is?
A debit card is a look-alike credit card, but it is entirely different than it. The bank issues the card to their consumers for the reason of accessing the funds without worrying about visiting bank and deposit check to withdraw money. This card is directly linked to the account and can be used anywhere for the transaction.
But, a credit card is a debit card being utilized to do financial transactions instead of cash or check. Based on the owner’s credit, a credit card comes up with a lower limit as well as
A credit card is a debt card to be used for financial transactions instead of cash or check, or a debit card. Depending on the owner’s credit score, a credit card may have come with a high spending limit or a lower one. When you use a credit card, the purchase amount is added automatically to your account balance.
Presently, the government is pressurizing to go for digital payment to several online and electronic modes of payments. Utilizing a credit card or debit card is a convenient way for the transactions as it can be done within a swipe.
Moreover, this convenience comes at some cost. With the increase in the use of the cashless transactions, scamming has been increased.
What is Credit and Debit Card Scam?
The credit or debit card scam is a kind of banking fraudulent which mainly occurs whenever any unauthorized transaction has been done through an individual’s card. Well, this happens whenever a scammer gains access to your debit or credit card number, and in some of the situations, scammers get a PIN to make unauthorized transactions or withdraw cash from the account.
Whenever you detect any fraudulent charges on the bill of your credit card or statement of your debit card, instantly alter your bank or card issuer to reduce the expenses and get relaxed. Read our blog to know Top 10 Credit Card Scams of all Time.
Warning Signs of Credit Card and Debit Card Scams
With the rapid use of the debit card and credit card. There has been a rise in the several types of debit card scam and credit card scam.
Scams do not come up and tell that they happened. Well, they come in several shapes and sizes. It is only on us to spot them before any damage was done. Well, you don’t require eagle eyes to identify the scams, but there are several warning signs which can look out.
Some of the signs of debit and credit scams are:
- Notification from your credit or debit card bank about the suspicious transaction. Several financial institutions make use of the scam alert detection systems to protect their customers.
- Mysterious withdrawal transactions are done from your account
- Unwanted charges on your debit or credit card
- Identify unfamiliar accounts or non-recognized inquiries on the credit reports
- You inexplicably stop getting credit or bank statements in your email
- The debt collectors start calling you for the debts which are not even yours
- Merchandise does not arrive at home which is not ordered by you
Above are all the vital warning signs of debt and credit card scam. Thus, it is highly necessary to be aware and act instantly to protect yourself and your money. If you recently noticed any unauthorized withdrawals and transactions are done in your account, immediately notify the issuer or your bank to freeze the card. Go through our blog to know latest credit card fraud Occurred.
Ways to Avoid Debit Card Scam
Indeed, you do not have any control over the scammers or thieves. But, there are several things which you can perform to avoid debit card scam:
Avoid Debit Card Scams by Getting Banking Notification
It is imperative to check your balance and all the online transactions regularly. You can sign up for the banking alerts. All the banks surely contact the user through text or email whenever any specific activity occurs in your account like withdrawal exceeding or any address change.
Avoid Debit Card Scams by Going Paperless
It is better to sign up for the paperless transactions of the bank as it cut down the possibility of having bank account information lost from the mailbox. Destroy existing bank statements, as well as card receipts and when you are done, make sure to lower down the possibility of having bank information stolen from trash.
Avoid Debit Card Scams by sticking to Bank ATM
The bank ATM offers better security rather than the ATM available at stores, restaurants, and other places.
Avoid Debit Card Scams by destroying old Cards
It is imperative to damage your old debit card. Otherwise, your old card an put you at risk of revealing information.
Avoid Debit Card Scam by not keeping money at one Card
Do you want to keep your money completely secure? Then, it is better not to put the total cash in just one account; otherwise, you will be an issue to pay for the financial debt.
Avoid Debit Card Scams by Watching Phishing Scams
Whenever you are checking your email or doing online business, ensure that you know whom you are interacting. An identity theft scammer will surely set up a phishing website which looks like that it belongs to your bank. But, in reality, the scammer is just watching you get the access of your sensitive information to gain access to your bank account.
Avoid Debit Card Scam by protecting PC
It is better to use firewall, antivirus software and privacy protection software on PC to keep it secure and updated regularly.
Avoid Debit Card Scams by making use of the Secured Network
Do not make any online financial transaction while using your mobile devices or PC in public place or any unsecured network.
How to avoid Credit Card Scam?
Well, credit card frauds are happening. Some of the tips to prevent credit card scam are:
- Consistently change your PIN as well as password
- Make use of distinct passwords for several accounts and make sure not to use your credit card everywhere
- Make sure to avoid public PC and open WiFi network to check your credit card transaction online
- Ensure to perform online operations with some reputed merchants
- Never tell your PIN, password, OTP, CVV number to anyone on phone, email, SMS or through any other modes. As banks never ask for such kind of details from their customers.
- Use Privacy Protection Software to protect your personal details like bank account passwords or PINS, social accounts and others.
Prevention is better than cure. Thus, it is highly imperative for individuals to remain careful while using cards and making some online financial transactions. Also, of any card fraud takes place, it is better to inform the bank or card issuer immediately to avoid it. Hope, this blog has helped you with several warnings which indicate about debit card scam and credit card scam. Also, I think you got the hacks to avoid all these scams correctly.