Various Kinds of Frauds Associated with Credit Card Usage

The frauds associated with credit cards could easily be explained as the misuse of card for purchasing products or items, withdrawal of cash and performing transactions without the permission of the card owner. It has been noticed that the use of credit card has increased more than ever before. Presently, people prefer using these cards to other form of money. They find it harder to carry cash in their pocket all the time. Rather, they make use of credit card and shop around without any stress. Whenever, they have to purchase anything, they could simply take out the card and swipe it. The credit card bills could be paid within a stipulated time. That is why; people feel more financial freedom using the credit cards.

using the credit cards

Due to the increased use of these cards, the frauds have also increased more than ever before. It would be imperative to know about these frauds so that you could take preventive measures at the right time.

Applying for credit card

You would be surprised to know that several scammers might contact you through email and phone. They would try to allure you with attractive offers that might be too good to decline. They would be merely interested in taking away your valuable information. A number of cases have been reported across the globe with respect to identity theft. They could make use of your documents to commit crimes such as purchasing fake vehicles, mobiles and more. That is why, it has been strongly recommended to get in touch with bank officials directly. You must ensure that the documents are being used in the correct manner.

Applying for Credit Card

Online shopping

This has been one of the most common frauds that might occur anytime. People might use the credit card details to purchase stuff online. At times, the scammers would even purchase expensive items using other’s credit cards such as jewellery, electronics and various others. When the monthly credit card statement would be received, you might be shocked to view the payment history. It would be strongly recommended to hide your credit card details from everyone to avoid such situations.

Online shopping

Credit card not received

At times, you might not even receive the credit card after it has been approved. The scammer steals it from the mailing company or uses your identity for receiving the card. He would purchase the stuff using this credit card and the bill would come in your name. It might be difficult for you to deal with such a scenario, as you would have to prove to the lending company that you have never received the credit card and made such purchase. They might report it to the police officials also in case the credit card has a higher amount limit.

Credit card not received

It would always be a good idea to stay in touch with the bank throughout the entire procedure after you apply for Metrobank credit card and until you receive it. In case, you have not received it, you must inform the bank on time. The procedure revolving around the approval of your Metrobank credit card application should be thoroughly followed up until the time you lay your hands on the approved credit card.