In 2023, credit card fraud is expected to continue being a major issue. Criminals are becoming increasingly sophisticated in their techniques. They are exploring new ways to steal cardholder data and money, so it is important to stay informed and aware of the different types of credit card fraud.
1. Phishing: This type of scam occurs when criminals send emails or messages that appear to be from legitimate businesses. The emails contain links to malicious websites where criminals can steal the cardholder’s data.
2. Skimming: Criminals install specialized devices on ATMs or other payment terminals to copy cardholder’s information. This information is then used to make unauthorized purchases.
3. Counterfeiting: Criminals create counterfeit cards to be used in place of the real cardholder’s credit card.
4. ID Theft: Criminals steal the cardholder’s identity and use it for fraudulent activities.
5. Account Takeover: Criminals gain access to the cardholder’s account and make unauthorized purchases and transfers.
6. Online Shopping Fraud: Criminals use stolen credit card information to make online purchases. They then have the items shipped to their own address.
By being aware of these different types of credit card fraud, cardholders can take steps to better protect themselves and their finances. Additional measures such as two-factor authentication and monitoring of credit reports are recommended to stay safe.