Safeguard yourself from credit card frauds

In recent times, there have been a spate of news items revealing a credit card fraud. In one such item, two youngsters were caught duping credit card holders by offering them new credit cards with higher credit limits by trading in their old credit cards.

The youngsters then used the old cards to make their purchases, mostly electronics. This is how they laid the plot. They would call up credit card holders representing themselves as employees of the credit card company. They would inform these clueless customers about a new scheme about new credit cards with greater purchase limits in exchange of old ones. Then they would also inform customers that the company's representative would soon visit them with the new card, which would be activated as soon as they filled in a form!

Text: BankBazaar.com

Images: Getty / AFP

Also see: Why we pay more with credit cards

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