Winning Gold Against Debit/Credit Card Scammers

With the Olympics just around the corner, the USA Olympians look forward to the challenges ahead. As these athletes prepare to compete, we must remain diligent to protect ourselves from a different challenge: debit/credit card scams. These scams are sophisticated, but with a few proactive steps, you, too, can stand at the top of the podium.

Card scams come in various forms, from phishing emails and fraudulent transactions to identity theft and skimming devices. Whether you use a debit or credit card, understanding these scams and the steps you can take to protect yourself will make you a winner.

Overcharging: You will most likely be contacted via email or phone. The scammer will try to convince you that you have been overcharged for a service or product and attempt to collect your personal information to process a refund.

• Protect Yourself: Look at the sender’s email address; it may be one letter off or have words like ‘support’ or ‘pay’ added for legitimacy. In the body of the email, be on the lookout for grammatical errors, misspelled words or questionable images. Whatever you do, don’t click on links or attachments. If it’s a call, the caller may want you to act immediately or claim this is your last chance to obtain your refund. Do not share any personal information and hang up.

Interest Rate Reduction: Scammers will contact you through calls or emails, claiming they can lower your interest rates on your current cards. The scammer will begin collecting card and personal information by creating a sense of urgency through sharing limited-time offers.

• Protect yourself: If you want to reduce your interest rate, contact your debit/credit card company. Even if you receive a call that triggers your interest, hang up and reach out to your company at a confirmed phone number. If it’s through email, do not call the number in the email or respond to the email address. Use the number on the back of your card and a confirmed email address.

Arrest Phone Call Scams: The caller will try to convince you that you have unpaid fines, traffic tickets or other debt. Worse yet, they may try to convince you that a member of your family or a friend has been arrested and needs to be bailed out.

• Protect yourself: Law enforcement organizations or federal agencies will never collect debit/credit card information over the phone for these issues. Hang up. Call the agency represented in the call, and ask all the questions you need to. Then, let them know why you are calling and what happened.

Donations: Acting as a credible charitable organization, the caller (or email sender) may reach out to you, again with a sense of urgency, asking for a debit/credit card donation to help their organization meet a monetary goal or for a simple donation of any size. Once they obtain your card information, they have access to your account.

• Protect yourself: You should always be on the lookout for organizations that ask for financial and personal information over the phone or through email. Consider asking the caller for a number where you can call them back or Google the organization to confirm it is legit. If you want to donate, you can always do that through the website or by snail mail.

Skimming: Scammers target busy, unmonitored payment terminals in places like stores, ATMs and gas pumps. Scammers secretly capture debit/credit card details during legitimate transactions by attaching skimming devices to card readers. Card users are often unaware when charges appear, making it difficult to prevent the scam once it’s underway.

• Protect yourself: Regardless of where you use your card, be wary if things look out of place. Logos may be off, tape may be in odd places and parts of machines may not line up properly. Colors may not match up, or a keypad may feel off. Consider using a mobile wallet when possible, and remain vigilant when traveling and using your card at unfamiliar locations.

Phishing: Phishing scams mimic trusted companies or services, tricking users into sharing sensitive information through fake instructions or links. Masquerading as legitimate businesses like debit/credit card companies, they obtain direct access to financial details or account information.

• Protect yourself: Phishing can occur through call or email, and it’s as simple as the caller asking for updated personal information. Be aware of scammers asking for the answers to your security questions. They may ask for a social security number or date of birth. Hang up and call or email a confirmed contact at the actual company or organization.

Above all, if you think you have been the victim of a scam, report it. Many fraudsters get away with their crimes because they are not reported. Contact your card issuer, change your passwords and set up mobile alerts.

Did You Know?

Solidarity Community Federal debit/debit/credit Union offers our Card Controls App, which you can download to help you manage and protect your debit card from your phone! Here are just a few highlights.

• Turn your card on and off right from your phone.
• Stop fraudulent activity before it happens with alert features.
• Manage how, when and where you use your debit card while traveling or shopping.
• Set dollar limits for transactions and receive alerts upon reaching those set limits.

By educating yourself about these scams and adopting these practices, you’re not just safeguarding your finances — you’re taking proactive steps to secure your financial well-being. Like winning a gold medal, protecting yourself from debit/credit card scams requires preparation, vigilance and a commitment to staying ahead of the game.

Remember, the true champions are those who stay informed, alert and secure. If you have any questions or concerns, contact us at 765.453.4020 or email solfcu@solfcu.org.