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June 01, 2011

  • Warning Signs Of Credit Scams, Pt.2
       Search, negotiate, and don't bet on it.


    As security measures have become more sophisticated making it more difficult for identity and credit card thieves to infiltrate the computer systems of merchants, banks, and electronic processors, fraudsters are turning more and more to phishing scams. Phishing emails are often designed to resemble the websites of such organizations like banks, credit card companies, and insurance companies. These emails attempt to lure cardholders into handing over sensitive information for fraudulent use. You should always be conscious of any email that asks for your credit card or other sensitive information. Legitimate companies never ask for this type of information in an email or an unsolicited phone call. Most importantly, if you conduct business online, you should always search and go directly to their site and never click on any link in the email. Take special precautions to notify the institution, change passwords, and freeze accounts if you inadvertently handed out any information.

    A small group of fraudsters who claim they can arrange a low interest loan or credit card account asks for a small service charge that must be paid in advance. These fraudsters often tell their victims that they need the upfront fee to pay for application fees. Very often they will make it look legitimate by asking the individual a number of personal questions to complete the application. However, after a select time period, the thief will tell the individual that they have been turned down for the loan or credit card and walks away with the consumer's money. Never pay any individual an upfront fee to help you get a lower interest rate on any credit loan. You can negotiate the lowest fee possible on your own. Your earned interest rate will be depended on your credit worthiness. Manage your finances well and you will be eligible for the best interest rate without charge.

    Some thieves use the lottery scam to get their hands on your credit card data. They send an email telling you that you've won the lottery. You don't recall playing the lottery but could be lured into believing you will soon be wealthy. The email will ask for a card number to process your winnings. If you turn your card information over, you have just become the victim of fraud. If you win a legitimate contest, it will never require that you pay any fee or turn over your card information.  

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