With less reliance on cash and an increase in online transactions, credit card fraud has become a major problem. In fact, 2021 was one of the most eventful years for credit card fraud, with approximately 2.8 million consumers filing fraud reports with the Federal Trade Commission (FTC)—and online shopping scams were the second most commonly reported category.
Amid the holiday shopping season, consumers are becoming increasingly concerned about credit card fraud. In a 2022 CreditRepair.com survey, 73% of respondents said they’re worried they will fall victim to a credit card scam at some point.
What’s more, scamming techniques and technologies continue to evolve, and experienced scammers can be quite skilled at getting what they want (your money). Staying up to date on circulating scams and their warning signs can help you protect your financial assets. Red flags to look out for include:
- Unsolicited texts, calls, or emails: Communication from unknown senders is a sign you’re most likely being targeted by scammers.
- Unauthorized charges: Check your credit card accounts for signs of unusual payment activity or transactions you don’t remember making—even if they’re small. Scammers will usually make small purchases before attempting a larger transaction.
- Suspicious activity alerts: If your bank or one of the three major credit bureaus notices any suspicious activity on your account, they’ll notify you.
We’ll go over some more specific…
