Common credit scams include telemarketing fraud, in which consumers are told to provide their credit card information to receive items such as vacations or free gifts, notes the Federal Bureau of Investigation. Another credit card scam is run by companies promising to get consumers lower rates on their credit cards, when in fact they have no special relationship with credit card companies and cannot deliver on their promises, notes the Federal Trade Commission.Continue Reading
People should never give or send their credit card numbers to individuals or companies they do not know based on telephone calls, warns the FBI. Some ways scammers try to induce consumers to give up their credit card information is through false calls for charities, telling them they must act quickly to take advantage of no-risk offers and telling them they do not need to check out callers with lawyers, family members or consumer protection agencies.
Some companies try to scam consumers by telling them they can negotiate lower interest rates on their clients' credit cards for an upfront fee, notes the Federal Trade Commission. While these companies can legally charge fees, they can do so only after securing a rate reduction. Consumers can ask their credit card companies for interest rate reductions for free and have the same success as these third-party companies that purportedly have special relationships with banks.Learn more about Crime