Beware Of Canceling Credit Card

Posted onNovember 04, 2011 - 12:15 pm by Admin | 0 Comments

Buying and giving holiday gift cards is so popular and easy, that stores, restaurants, airlines, credit card companies and movie theaters will sell billions of dollars worth this year. They can be purchased just about anywhere, making it the ultimate fast-food of the retail and online shopping world. It sounds so simple. Pick out a gift card, buy it and give it away. Your Christmas shopping is done. Not so quick! Here are some things you might want to consider before buying.

Buyer Beware

Gift card theft, fraud and scams are at an all time high. Thieves and cybercrooks have found a way to drain your card before you or your loved one even gets to use it. They walk into a store where all the cards are left unattended on a display rack or a kiosk. The crooks casually walk up to the display and take a handful of cards. They then go off to a restroom or corner where the numbers are scanned off the back of the cards with a device called a magstripe scanner. Before leaving the store, the cards are placed back on the rack where no one will be the wiser. There has been no shoplifting as far as the store is concerned and the thief can walk right out the front door undetected. In walks the naive customer. Once the card is activated, the thieves can track the numbers and drain your balance instantly or use it for online purchases. The crooks will be checking those numbers every few days and once the card is reloaded, they can drain it again.


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