Visa and MasterCard Fraud

By Sandy Botkin, Special for USDR

SCAM ALERT: This one is pretty slick and is the latest scam dealing primarily with Visa and MasterCard fraud. It is slick because they provide you with all the information except the one piece that they really want. It is worth reading, and YOU SHOULD SHARE THIS WITH ALL OF YOUR FRIENDS, FAMILY MEMBERS AND FACEBOOK FRIENDS.The scam works like this: Person calling says, “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 Arizona?” 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 answer “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 and asks: “Do you need me to read it again?”

Here’s the IMPORTANT part of 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 last 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 last 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. You actually say very little, and they never ask for or tell you the card number. But after we were called on Wednesday, we called back within 20 minutes to ask a question. We were glad we did! The REAL Visa Security Department told us it was a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card. We made a real fraud report and closed the Visa account. Visa is reissuing us a new number. What the scammer wants is the 3-digit PIN number on the back of the card. Don’t give it to them. Instead, tell them you’ll call Visa or MasterCard directly for verification of their conversation.

NOTE: The real Visa and MasterCard security will NEVER ask for anything on the card as they already know the information since they issued the card. What is remarkable about this is that I just got a call where they used a word-for-word repeat of this scam. In my case, they told me that someone charged $3,097 for a plane ticket to Spain.  Pass this information on and share it with everyone.

Derived in part from my latest book: Achieve Financial Freedom – Big Time! based on the chapter entitled, “Scams, Slams and Shams.”

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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