Beware of Credit Card Scammers Asking for your Security Code
We all know to be aware of credit card scammers, but sometimes a new scam comes along that simply throws us for a loop – and scammers are counting on it.
Many of us already know that retailers are now using the security codes on the back our credit cards as a way to curb credit card fraud. For example, the last time you made a credit card purchase over the phone or online the retailer likely asked for your credit card’s three-digit security code, as well as the card’s number and expiration date.
This is done to prevent credit card thieves from placing unauthorized charges on your credit card account without your knowledge. In other words, having a credit card holder’s credit card numbers is now simply not enough for scammers; they must also have the card’s security code to break into your account.
The Newest Scam and how it Works
Credit card scammers have now found a new way to fool credit card customers into giving up their three-digit security code (surprise, surprise), so here’s what you need to know about this scam so it doesn’t happen to you.
The scam goes something like this: a credit card thief (who is already in possession of your credit card number) calls you, claiming to be from your credit card company; probably from the security or fraud division of your credit card company. The caller then recites your address to ensure that you are the cardholder, and lets you know that your card may have been stolen, or that unauthorized charges were placed on your account.
The caller then asks you to verify that you have the card in your possession. And, of course, the only way to do this is by reciting your security code to the caller. Bingo – you’ve just been scammed.
It is important to understand that, at no time, will your credit card company ask you to reveal any private information, including your security code. If you have any doubt about the legitimacy of a call, simply hang up and contact the credit card company directly.
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