05:52:53 AM Monday, June 09, 2008
Phishing Scam - Another Predatory Credit Card Practice
Credit card fraud and interest rate are the two major downsides to using credit cards. But while paying off credit card balance with interest accrued is a burden that credit consumers carry of their own free will, falling a victim to fraudulent activities is something that every card owner wants to avoid.
Scammers invent more and more new sophisticated ways of predatory practices. Online credit card fraud is one of the most widespread and loss-making forms of credit crime. Phishing credit card scam is a popular type of online fraud. Learn about this kind of scam in order to protect your credit from damage.
This is how it works. A credit card holder gets an e-mail with a request to leave their personal information and account number. There can be named different reasons requiring you to give your personal data. This can be an appeal from some Arabian sheikh to leave your credit card account number, so he could transfer his outstanding fortune to it.
Or, it can be a fake alarm from a quasi bank of from Amazon, informing you that your credit account was accessed. And in order to prevent further unauthorized use you are to click the link attached to the letter and change your password. Another example of phishing scam is an e-mail request to update your credit information; otherwise your account will be subjected to termination. You can also be offered new identity theft protection systems that give 100% security. Or, you can be asked to resubmit your billing information and SSN due to your bank's technical problems. Or, to give the number of your airlines card deal in order to get additional bonus points.
Such e-mails are the most common in the "phishing industry". Scammers resort to such e-mail tricks to make a card holder swallow the bait and fish out their personal credit info. Actually, this type of fraud is not that hard to recognize, as the letter looks quite official. However many credit consumers become victims of such scams. According to statistics, the world's monthly amount of phishing e-mails averages 6.1 billion.
In a standard e-mail you will find a link you are asked to click and leave there your personal information and credit card number. This link, as a rule, redirects you to a fake site. Online fraudsters generate such fake web pages reproducing valid, actually existing sites using their logos and information. So, they steal not just card owners' IDs, but companies' identities as well. It is a double fraud!
The panacea for credit fraud has not been invented yet. But there are a few simple rules that will help you to avoid phishing scam.
- So, you should be extremely careful with e-mails requiring you to provide your personal information.
- Avoid clicking links attached to such e-mails. It can cause infecting your computer's HD with viruses.
- On getting this kind of letter, check the company's (the e-mail appears to be sent by) official website for information. In 99% cases you will get evidence that the e-mail is fraudulent.
- Do not leave your personal information to some suspicious person or organization. Even if the web source seems to be reliable enough, and you are going to transmit your info, make sure it is encrypted.
In other words, keep your eyes open and your fingers away from mouse button when receiving these phishing scams, and you will protect your credit card from fraud and your credit score from damage. So, you will be able to enjoy your safety, good credit rating and take advantage of using best credit cards.
August 12, 2008
Credit consumers, who want to highlight their financial standing, can find credit products that will fit their interests. There are the so-called status-credit cards on the market. Customers can choose silver, gold, platinum or black credit cards. All of them give certain privileges and that very status to their owners.
What is interesting, you do not even need to have excellent or good credit and really high income to get one of the status credit cards. They are available to bad credit owners as well. Let's take a closer look at Gold credit cards. Learn more about features, options and services that Gold credit cards offer.
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August 01, 2008
Shopping is an integral part of our lives. Some people love it; others cannot stand hanging around stores in the search of necessary items. But still, everybody shop. You wonder what can be so irritating about going to a supermarket, a mall or just a grocery store? Aside from an inborn aversion to the process of shopping, there is one thing that can lay a bad trip on even the most avid shopaholic.
Imagine, you come back home after another shopping spree, unpack your purchases and find out that one of them is defected or damaged. This can really bring you down. And not in all cases you will manage to exchange the item or get your money back. At this point, a credit card deal with consumer protection on credit card purchases is a good choice to make.
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July 08, 2008
The Federal Reserve recently proposed to take measures in order to eliminate unfair credit card practices performed by credit card companies and banks. The Fed also suggested toughening rules and regulations for lenders. Hidden credit card fees, unreasonable interest rate hikes, unfair charges, aggressive anti-delinquency policy and other abusive credit card practices are promised to be banned.
This would definitely bring a relief to credit card holders. But how will creditors tolerate such a policy? Banks and credit companies still trying to make up for the losses caused by credit crisis and trying to survive in the conditions of economic recession, are upset with such Fed's moves, to put it mildly. But whose prayers - lender' or borrowers' - will be heard by the Fed?
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