Credit – Watch out for new credit scams

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The latest credit card scams may seem so genuine that you may not know you’ve been shammed until too late. Learn what you need to know to stop a scammer cold.

You may get a call from a con artist claiming to be the credit card issuer, your bank, or the police. The scammer may say your card has suspicious activity. He may even ask you specific questions about a purchase you never made and promise to remedy the problem.

But the scam comes when he asks for your PIN number, card expiration date, billing address, or part of the account number. The swindler already has most of the credit card information needed to steal your identity. He tries to get the rest from you.

The second new scam is the “gold and platinum card” racket. Some card offers may promise to improve your credit rating or help you get unsecured major credit or retailer cards. Not only do these cards limit you to purchase from a few select catalogs, they also do nothing to boost your rating or qualify you for unsecured cards. Watch out for these additional signs of gold and platinum card fraud.

* You only hear about one free. But once you’ve committed to pay it, you’re told you must pay even more fees to use the card.

* You must call a 900 or 976 number for more information – and pay the steep charges.

* You’re required to make a cash deposit for each item before you can put the balance on your charge card.

Protect yourself from any credit scams with these tips:

* Investigate credit card offers before you apply. Check with your local Better Business Bureau, consumer protection agency, or state Attorney General’s office for complaints against the credit card marketer.

* If a merchant promises to improve your credit rating, call the credit bureaus to see if the merchant is a member. Only members can send information about you to the bureaus.

* Keep an eye on your card during any transaction. Also, hold your card so no one can see and memorize your card number.

* Void incorrect receipts, and never sign a blank one.

* Save receipts to compare with billing statements. Open the statements immediately and check for questionable charges or wrong amounts. Report dubious charges to the card issuer right away.



All the best,



Timben