Beware of Credit Card Skimming
Credit card skimming is type of financial con that involves someone copying your credit card information from the magnetic strip. Essentially what is happing is that someone is actually cloning your credit card. A skimming device is used to scan your information. The con artist than takes your credit card details and transfers it to another card that has a magnetic strip. For example, someone working as a waiter for a restaurant gets your card to charge your meal. Once the con artist has your card in had they swipe through the skimming device and you have just been robbed. It is also not hard to obtain a card with a magnetic strip. Any swipe card used to gain access to a hotel room or office building will work. Thieves can become very creative when looking for ways to make money.
Should you become a victim of credit card skimming contact your credit card provider immediately. You can call the loss and theft department which is usually open 24 hours a day, 7 days a week. Your credit card company will than take appropriate action. Fortunately, most credit card issuers will not hold the cardholder responsible for unauthorized charges. However, all credit card holders are paying for fraud. Fraud losses are usually anticipated and already figured into your interest rates. In other words, honest people have to cover the costs of dishonest people. This may not be fair for everyone, but unfortunately credit card fraud is fact of modern life.
In all, fraud is very costly for society in general. As consumers we are paying additional fees for all types of fraud. Automobile insurance, health insurance, the mortgage industry and credit cards are examples of industries that are very susceptible to fraud. More often then not, honest citizens are usually the victims of fraud. Should you suspect that you have become a victim of credit card fraud; report it to the authorities right away. Perhaps one day, technology will be able to protect consumers more than it does today.
Credit card skimming is type of financial con that involves someone copying your credit card information from the magnetic strip. Essentially what is happing is that someone is actually cloning your credit card. A skimming device is used to scan your information. The con artist than takes your credit card details and transfers it to another card that has a magnetic strip. For example, someone working as a waiter for a restaurant gets your card to charge your meal. Once the con artist has your card in had they swipe through the skimming device and you have just been robbed. It is also not hard to obtain a card with a magnetic strip. Any swipe card used to gain access to a hotel room or office building will work. Thieves can become very creative when looking for ways to make money.
Should you become a victim of credit card skimming contact your credit card provider immediately. You can call the loss and theft department which is usually open 24 hours a day, 7 days a week. Your credit card company will than take appropriate action. Fortunately, most credit card issuers will not hold the cardholder responsible for unauthorized charges. However, all credit card holders are paying for fraud. Fraud losses are usually anticipated and already figured into your interest rates. In other words, honest people have to cover the costs of dishonest people. This may not be fair for everyone, but unfortunately credit card fraud is fact of modern life.
In all, fraud is very costly for society in general. As consumers we are paying additional fees for all types of fraud. Automobile insurance, health insurance, the mortgage industry and credit cards are examples of industries that are very susceptible to fraud. More often then not, honest citizens are usually the victims of fraud. Should you suspect that you have become a victim of credit card fraud; report it to the authorities right away. Perhaps one day, technology will be able to protect consumers more than it does today.
Labels: credit card, credit card skimming, credit cards, fraud
Credit Card / Financial news blog post by Todd Holliday at 8:16 PM 