Credit Card Scam Can Cost You Dearly
Today, personal information needs to be guarded more than ever before. All it takes for a criminal to act as you is to have some information that only you possess. With that information in hand, criminals can open credit card accounts in your name, take out loans or mortgages, and spend money like crazy. How do dishonest people acquire important financial information? Frequently, all they do is ask their victims for it.
In a new financial scam that is making the rounds, criminals are calling account holders and posing as customer service agents of the account holder’s credit card company. It’s easy to acquire a consumer’s credit card number, but to take part in online transactions, you’ll also need a piece of information from the back of the card. That is a number known as the CVC2 number, which is a three digit number that appears only on the back of the card. The security number does not appear on the bill. Growing numbers of online merchants require this number as proof that the customer is the actual cardholder. If a thief should obtain your credit card number and the security number, too, they can spend all they like at your expense.
In this scam, the perpetrator calls and introduces himself as being from the bank that issued your credit card. He says that he is contacting you because of some unusual financial transactions on your account. He mentions some odd charges that he knows are not yours and you agree that you did not buy those items. He assures you that he will resolve any trouble and that he will credit your account. He then asks you for the three-digit number from the card to “prove” that you actually have it. If you provide the number, the crook has all the information he needs.
Consumers are frequently very trusting, and if someone calls and says they are from the credit card company, many people will believe them, especially if they mention your name and credit card number. Keep in mind that no financial institution will ever ask you to provide information that they should already have. You are the account holder on the account, so your issuing bank doesn’t need you to prove if you actually have the card or not. They have no cause to ask you for information from the credit card. If you give out this financial information, it is likely to cost you a lot of money.
©Copyright 2007 by Retro Marketing. Charles Essmeier is the owner of www.Retro-Marketing.com, a site devoted to affiliate marketing, and www.DebtGoAway.net, a site devoted to debt consolidation, credit cards, payday loans and personal bankruptcy.
