Almost perfect credit card scam...

We are now living in a world that is unsafe from physical violence as well as unprotected from financial scams that are increasingly difficult to detect. To be safe, we are better off being a prisoner in our own home (even that isn't safe anymore) and make sure we do not carry cash more than necessary and preferably do not have credit cards nor ATM cards.

We are being warned of new scam tricks every month or so, so much so, when we receive an email mentioning the word, 'scam' we tend to feel, 'must be the one I have read before' but sometimes, it turns out to be something new... like this for instance:

Snopes.Com says this is true. To verify see this site: http://www.snopes.com/crime/warnings/creditcard.asp

This one is pretty slick since they provide YOU with all the information, except the one piece they want.

Note, the callers do not ask for your card number; they already have it. This information is worth reading. By understanding how the VISA & Master Card Telephone Credit Card Scam works, you'll be better prepared to protect yourself.

One of our employees was called on Wednesday from 'VISA', and I was called on Thursday from 'Master Card'. The scam works like this: Caller: 'This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460. Your card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a Marketing company based in?'

When you say 'No', the caller continues with, 'Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?'

You say 'yes'. The caller continues - 'I will be starting a Fraud investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800 -VISA) and ask for Security.'

You will need to refer to this Control Number. The caller then gives you a 6 digit number. 'Do you need me to read it again?'

Here's the IMPORTANT part on how the scam works. The caller then says, 'I need to verify you are in possession of your card'. He'll ask you to 'turn your card over and look for some numbers'.

There are 7 numbers; the first 4 are part of your card number, the next 3 are the security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card.

The caller will ask you to read the 3 numbers to him. After you tell the caller the 3 numbers, he'll say, 'That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?'

After you say No, the caller then thanks you and states, 'Don't hesitate to call back if you do, and hangs up.

***
I cannot help feeling if there were insiders with criminal intent, it is like taking candies from babies. Just imagine, the number of people using internet is still a minority, and out of that, not all bother about knowing the various scams and taking preventive measures. There would be certain scams which we could have missed, or known but forgotten.

It is a known fact that some banks do not publicize actual cases for fear of unfavourable publicity. Under BAFIA rules, to prevent collusions between husband and wife, they are not allowed to work in the same bank, or something to that effect. But that rule tried to prevent married couples which form only a small minority of would be criminals, but even then, what about between man and mistress?

Link