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Credit Card Insurance

How the scam works:

With slightly more than 75% of North Americans possessing at least one credit card, and 51% owning three or more, using credit cards for virtually everything has become the norm.

Most card users are concerned about identity theft and will do what they can to avoid becoming a victim. Ironically, this latest credit card scam preys upon that fear in order to scam innocent people.

People are reporting receiving telephone calls from companies offering “credit card insurance” for a one-time fee of $200 (or more). The scammer then requests personal identifying information such as social security number and banking information from the victim, enabling them to scam the victim out of the “processing fee” and most likely, their identity.

 

How to avoid:

It cannot be stressed enough; never, ever give your banking information or social security number to anyone over the telephone. There will never be a time that a legitimate company will need this information. Also, as most credit card companies offer insurance programs for their cardholders, purchasing additional insurance from another “company” is frivolous and often leads to identity theft.

 

How to report:

Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission (FTC) using the link below:

Report To The FTC Here

 

How to protect yourself more:

If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.

 

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