Visa and Mastercard Fraud Investigation Scam

There is a scam that is surfacing in southwestern Indiana involving a phone scam. Though this scam has been around for a while it has recently surfaced in our area and I think it is important for everyone to be aware of this scam.

The caller claims to be from your Visa or Mastercard Fraud Department, advising you that your card has been flagged for an unusual purchase. After verifying that you did not make the purchase indicated, the fraudster tells you that a fraud investigation will be initiated on your behalf. Before hanging up, the caller will ask you to provide the 3-digit code on the back of your card. DO NOT PROVIDE THE NUMBER or any other account information to the caller. This is another scam to steal your credit/debit card information. If you receive this type of phone call, you may want to report it to local law enforcement authorities. If you are unsure about the call, hang up and contact your financial institution at a number or website you know is valid for the institution.

If our Visa Fraud Department calls you, they will NEVER request this 3-digit code, your expiration date, or your PIN number. (Remember: Visa already has this information so why would they ask?)

Visa* recommends the following tips to protect yourself from credit card phone scams:

• When in doubt, ask for more information in writing about the organization calling or the offer being presented.
• Never feel obligated to provide your credit card number over the phone.
• Educate yourself about the cost of “900” number calls and how you can block such calls from getting through.
• Get as many details as you can – for example, ask how much of your donation will go toward the charity as opposed to paying for administrative costs. The fewer questions the caller can answer, the less likely he or she is legitimate.
• Get a call-back number, either so you can initiate the call yourself or because you may need to report it later.
• Stay informed so you’re aware of the latest trends in telephone fraud.

Your best response:

• If you get a call from someone posing as a representative from your financial institution and asking for your account or personal information, hang up immediately and call your bank to verify any claims.
• If a telemarketer offers you a get-rich-quick opportunity, the best response is to turn him or her down right away.
• Avoid offers informing you that you’ve won a prize. Respondents are often asked to pay for “shipping” or a “deposit” for a prize that never existed in the first place.
• Be wary of calls soliciting contributions to charitable causes, particularly those regarding disaster relief. Many times, these solicitors are not legitimate. You’re better off choosing a worthy cause and contacting them yourself than responding to a random telefunding request.

*Source: visa.com

This entry was posted on 27. August 2008 at 09:29 and is filed under Internet Crime. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.