How To Avoid The Latest Credit Card Scam - Stealing Your Card Verification Code.
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
How to Guard Against the Latest Credit Card Scam: Protect Your CVV
Summary:
A new scam is making the rounds via phone calls at home, targeting your card verification code. By understanding the mechanics of this scam involving VISA and MasterCard, you can better safeguard yourself and your loved ones.How the Scam Works:
The Setup
Scammers initiate the conversation with a call, claiming to be from the Security and Fraud Department at VISA. They might say something like:"This is [Name] from VISA's Security and Fraud Department. My badge number is 12457. Your card has been flagged for an unusual purchase pattern."
The Bait
The caller will mention a suspicious charge, such as:"Did you purchase an Anti-Telemarketing Device for $497.99 from a marketing company in Arizona?"
When you respond with "No," the caller reassures you, "We'll issue a credit to your account. This company charges amounts typically just below $500, which often flags cards. Before your next statement, the credit will reflect at [Your Address]. Is that correct?"
The Trap
After you confirm, the caller states, "I'll start a fraud investigation. You can call the 1-800 number on your card for verification. Your control number is [6-digit number]."The key part of the scam unfolds when the caller asks you to verify that you possess your card by looking at the numbers on the back. They'll instruct you to read aloud the three-digit CVV number.
The Exit
Once you provide this number, they will conclude with, "That's correct. This confirms your card is not lost or stolen. Any other questions?" After your response, they courteously end the call.What They Want
The scammers aim to obtain your three-digit CVV number. Armed with this, they can make unauthorized purchases with your card.How to Protect Yourself
- Never share your CVV: Your card company already has your information and won't ask for it again.- Verify independently: If contacted, hang up and call VISA or MasterCard directly using the number on your card.
- Stay vigilant: Once they have your CVV, fraudulent charges may appear on your statement, complicating efforts to report theft.
By staying informed and cautious, you can protect your financial security from these scams.
You can find the original non-AI version of this article here: How To Avoid The Latest Credit Card Scam - Stealing Your Card Verification Code..
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