With the growing reliance on credit cards for daily transactions, the popularity of credit card scams has also increased. Suspicious individuals and groups consistently devise new tactics to steal personal and financial information. Understanding these scams and how to protect yourself is crucial, especially if you hold a commercial credit card.

Understanding common credit card scams

1. Phishing scams: Phishing attempts typically come in emails or messages that seem to be from legitimate sources, like your bank or credit card provider. These messages often ask you to click on a link and provide sensitive information, like your card number or password. Always verify the source before responding to such requests.
2. Skimming devices: Skimming is another common tactic in which thieves attach devices to payment terminals or ATMs to capture your credit card information while you make a transaction. Using the stolen data, they can then create a copy of your card. Protect yourself by inspecting the card reader for unusual attachments before inserting your card.
3. Data breaches: Large retailers and online platforms can be prone to data breaches, where hackers access systems to steal card information. However, you may take precautions when shopping; breaches often occur without your knowledge.
4. Fake credit card offers: Be wary of unsolicited emails or phone calls offering "exclusive" credit card deals, especially if they ask for your personal information upfront. Legitimate companies will never ask for sensitive information unless you are initiating the transaction.

How to protect yourself?

1. Use secure connections: When making online purchases or entering personal information, ensure you are on a secure connection. Look for "https://" in the URL, which represents a secure site. Avoid making transactions over public Wi-Fi, which can expose your data to hackers.
2. Regularly monitor your accounts: Consistently check your credit card statements for unauthorised transactions. If you spot any discrepancies, report them to your bank immediately. Set up alerts on your credit card for transactions above a certain amount to catch any suspicious activity quickly.
3. Strong password protection: Always use strong, unique pincodes for your online banking and credit card accounts. Change your passcodes regularly and use a password manager to keep track of them securely.
4. Report suspicious activities: If you receive suspicious calls or emails, report them to your credit card company or bank. They can help determine if there's a threat to your account.

Credit card scams pose a significant risk, but with knowledge and vigilance, you can protect yourself and your information. Whether you use a personal or corporate credit card, maintaining awareness of potential scams can prevent financial losses.