There are always new credit card scams being perpetrated, which means that you can never be too careful with how you use your credit cards. The last thing you want is to have your credit card information stolen, after all. Unfortunately, a new credit card scam is making the rounds, so be wary.
The new scam involves criminals that already have millions of stolen credit card account numbers. The scam they are pulling involves tricking the holders of those accounts to reveal their three-digit or four-digit security pin numbers that are printed on the backs of all credit cards. You’re probably wondering, “How exactly do they do this?”
What will happen is that you’ll receive a phone call from someone claiming to work for the fraud-prevention department of your credit card issuer. As “proof” that they are from your credit card company, they will read the number of your account to you. Remember, they have your credit card information and not your actual credit card—you are probably still in possession of it. They will then ask you about a recent purchase and whether or not you made it. They will identify this purchase as a “suspicious transaction.” When you tell them that you did not make the purchase, they will recommend that you get a new account number—and that you won’t have to worry about the fraudulent charges since they will be removed. The catch is, you’ll have to provide them with that three-digit or four-digit code on the back of your card to prove to them that it is still in your possession.
So how do you know if you’re speaking to a legitimate representative of your credit issuer? Ask for their name and employee ID. Then hang up and call the 800-number listed on the back of your card. Ask to speak to the fraud-prevention department and provide the information you have. They will be able to verify whether or not it was a scam.