What is the first thing that comes to your mind when you think of credit cards? Do you find them as a convenient tool to pay off big-ticket items? A trap that could lead you to a pile of debt?
Whatever you may think of credit cards, one thing is for sure—credit cards are a valuable financial asset in your day to day life when used properly and wisely.
Whether you’re paying for grocery items or monthly electric bills, you can opt to use your credit card for a fast and hassle-free transaction. What’s more, you can earn reward points that you may redeem when dining out in restaurants or booking flight tickets.
However, fraudulent activities involving credit card transactions have been on the rise in recent years.
According to the Credit Card Association of the Philippines (CCAP), credit card fraud increased by 21% since the start of the COVID-19 pandemic. As more Filipinos are shifting to cashless methods of payment, cybercriminals are getting more creative with exploiting their victims.
CCAP said the most common type of credit card fraud is “Virtual Account Take Over” scams, which involves accessing victims’ One-Time Passwords (OTPs).
Other fraudulent credit card transactions involve “phishing” where scammers send a fake email or text message to lure account holders into giving their sensitive personal information and credit card details online.
Scammers also attempt to read the credit card information through a new form of skimming called…
