Posted by admin on Mar 12, 2010

 

Fraudsters Con Card Holders

The numbers on the back of your credit card are supposed to help present fraud.  The theory is that if the buyer knows the numbers, the buyer has physical possession of the card

In the latest scan, card holders are receiving phone calls where the caller represents himself to be a representative of the card company.  The caller already has the card number, expiration date, and billing address.

The caller says that there has been fraudulent activity reported on the card.  In order to investigate further, the caller says he needs to have the numbers off the back of the card.  The caller says the numbers are needed to verify that you have your card and that the card has not been lost.

Unsuspecting consumers give the caller the security code number from the back of the card.  The caller can now purchase items over the internet.  By the time a consumer realizes the mistake made in giving out the information, the card is already maxed out.  The fraudster has already moved on to the next easy target.

Don't be a Victim

Don’t be taken in by this scam.  Think about it.  Why would a credit card company never need to call you for the numbers on a card that they issued to you?  Obviously, the card company already has access to that information.

These fraudsters are top-notch scammers.  The caller sounds legitimate.   And your caller ID may even reveal a phone identity of the caller.  The caller catches you in the middle of your day, when you are busy.  They scare you with the fear of identity theft.  And, it’s easy to not think through to the real reason of the call.

Conclusion

Rule of thumb?  Never reveal any information to someone calling you out of the blue.  Regardless of whom the caller says he is, the truth is you are being lied to.

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