The credit card industry has always been targeted by hackers and thieves. Unfortunately, the most common scams have changed right along with technology. According to a 2020 identity theft study from Javelin Research, scammers have mostly graduated from counterfeiting credit cards to more significant crimes like identity theft and savings account takeover. The next year could even bring about even more complicated scams like synthetic identity fraud and takeovers of investment accounts instead of just checking and savings accounts.
While nobody knows for sure what the future holds, it’s safe to say financial scams cause headaches and financial losses, and will likely continue doing so for years to come.
Still, you don’t have to be a victim if you’re careful. The experts at Javelin Research say a large part of reducing fraud is making sure consumers adopt safer methods to protect their sensitive data while they manage their finances. To help in that respect, read on to learn more about some of the biggest credit card scams to watch out for in 2021, as well as how you can protect yourself.
Credit card interest rate reduction scams
Credit card interest rate reduction scams take place when a caller implies their company has special relationships with card issuers that can help secure lower interest rates. The Federal Trade Commission (FTC) says consumers who receive a call like this “should listen to them with extreme skepticism, and delete them.”
Why? Because by and…