Another scam is doing the rounds and it reminds one of how careful we need to be with our personal information – even to the point of paranoia.
How it works
In this particular scam card holders are contacted by someone purporting to work for Visa or Mastercard.
They claim the card has been flagged for an unusual purchase pattern and they are just calling to verify. They may even be able to provide your card number, the bank where it was issued, and your postal address making you believe it is legitimate. They then ask you if you made a specific purchase, which you did not. The caller says they will be crediting your card and opening a fraud investigation.
Now the caller needs to ‘verify” that you are in possession of the card and you are asked to disclose your card information including the three security numbers (CVV number). The caller now has all the information he needs to use your card fraudulently.
How to spot the scam
While this scam is very clever, what is important to know is that the credit card companies like Visa and Mastercard never issue cards or track your purchases. This is done by your bank. Therefore neither of those companies would ever have your personal information or contact you directly. They would also not have your CVV number.
If you are ever contacted by your bank or credit card company, do not provide any information and rather call your bank directly, using the contact details you have for your bank, not those given by the person calling, to verify your information.
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