Posted on June - 21 - 2011
Visa Credit Card Scam
The Visa Credit Card Scam has been around for a while, but there is renewed interest in this type of scam. It is unclear whether any Visa credit card scam has made its way to the UK, but it is imperative to report all types of scams to ensure you are prepared.
How the Scam Works
The scam begins with a phone call that states they are from the security department of your credit card company. They will tell you they are Visa, MasterCard or whatever card you may hold. They will not tell you they are the issuing company such as Barclay. This should set off warning bells because you always converse with the issuing company rather than Visa or MasterCard. The person will quote some details, perhaps even a badge number to be more convincing of who they are.
The person on the phone will tell you that transactions have been flagged given your purchase patterns. They will ask if you bought similar items or a particular item from a company. If you haven’t then you may be tempted to respond to this. The person on the phone will state a refund will be issued and they will read off your billing address to confirm your identity.
The caller will then say they will begin a fraud investigation. They also give you a telephone number to call in order to find out how the case is progressing. As verification they will ask for the three digit security code on the back of the card.
Already you know the person has your name, phone number and billing address. It seems appropriate to confirm the information and even hand over the three digit code. However, that is the scam. The call ends because they have the code they needed to start charging transactions on your credit card. It seems innocent when they are talking with you, but it is all to gain that last puzzle piece.
When you get your statement in the mail you will see new charges that you believe are under investigation, only they will not be because it is the scammer charging these items.
How to Avoid the Scam
It is easy to avoid a telephone scam. Do not answer the questions or give out any information. A genuine representative will not ask for the details because they have it. No matter how legitimate it sounds do not give up the information. Instead call the information on your card or from the online site. Confirm that they are the correct company and begin to discuss the phone call you received. The real credit card company will begin to investigate.
What if you are a victim?
If you did give out your information, you need to immediately close the account so that no new charges can be made. Work with the credit card company to prove you did not make those purchases and in most cases the charges will be dropped. Also report the crime to your local police to obtain a reference number. Criminals may not be caught but you are putting the odds in favour of an eventual breakdown of the crime ring.
Similar Posts:
- “Google It” Becomes More than Search Engine Terminology with the New Google™ Wallet
- Best Credit Card for Someone Looking to Build Credit
- Loans from Bad Credit Lenders
- Pros and Cons of Paying Your Bills with Credit Cards
- Kardashian Kard
