The Federal Trade Commission says worth-less credit card loss protection offers are becoming more common and fraudulent promoters try to exploit consumers. As a result, the agency is cautioning consumers to avoid doing business with callers who claim that:
- you are liable for more than $50 in unauthorized charges on your credit card account.
- you need credit card loss protection because computer hackers can access your credit card number and charge thousands of dollars to your account.
- they’re from “the security department” and want to activate the protection feature on your credit card.
The Federal Trade Commission advises consumers not to give out personal information – including their credit card or bank account numbers – over the phone or online for any product unless they are familiar with the business and have initiated the contact. Scam artists can use your personal information to commit fraud.