Here's How to Protect Yourself from Telephone Credit Scams

With smart chips working their way into more credit and debit cards around the nation, it’s important to keep yourself protected from fraudsters. Despite these chips being a stronger measure of protection against fraud, you might still be at the liberty of scammers and identity thieves.

Stay Ahead of Credit Scammers

Unlike the magnetic strip cards that you are used to, smart chip cards are inserted into a slot on a card reader in order to process a payment. The data on the card’s chip can’t be read by scammers, which makes it more difficult for criminals to acquire your personal information. But, some companies are yet to issue the safer chip-infused cards, and criminals are using the transition period to their advantage. During a smart chip credit card scam, a thief calls a target posing as his or her bank. The criminal explains that the bank is in the process of issuing new smart chip cards to all customers. To receive one, the customer must first confirm their banking details. Then, if fooled, the customer hands over their personal details and the scammer can use their banking information to make fraudulent purchases. Be wary of calls of this nature because a bank will never call you to confirm your credit card information. The bank already has this data and doesn’t need it from you.

How to Spot a Fraudster

If you receive a call from anyone requesting your personal information or banking details, it’s quite likely that you are talking to a scammer. Your bank or building society will never ask for your banking details as they already have them. The only time they might ask for them is when you make a call to them.

What to Do If You Receive a Suspicious Call

Anytime you get a call asking you for information or to pay for services, ask for proof. Any reputable company will be able to prove their name, address, and telephone number in writing. Asking for these details is a great way to deter scammers. If you’re still unsure what to do, it’s fine to wait before responding. If you feel strange about a situation, get a second opinion as your gut feeling is probably right. If you’re feeling a little apprehensive about picking up the phone next time it rings, you can practice some delay tactics. Be ready to say something like “I never respond to requests right away,” or “I will take time to discuss this with my family.” If you are made to feel uncomfortable it’s more than ok to hang up the phone. Fraudsters will generally count on you to hand over your information without question. Always ask questions if you receive a call and never hand over your personal details just because someone is asking for them. Want more ways to protect yourself from fraud? Here are 7 tips to keep you safe from scams.