You might not realize it, but identity thieves already know a lot about you, such as your name, address, phone number, your credit card number and its expiration date. With your personal details in hand, why would you receive a phone call? The thief is looking for the security code on the back of your credit card, which is a crucial bit of information.
How the Scam Works:
The identity thief claims to be calling in response to suspicious spending on your account and is from the fraud or security department of your credit card company. He asks you about a fake transaction in order to find out if you authorized the charge. Naturally, you say no. He informs you that an investigation for fraud has been initiated, provides a case number for reference, and instructs you to call the number on your card if you have additional questions. So far, this seems to make sense.
However, there is just one more piece of information he needs. In order to prove that you have the card on you, he asks for the security code. This is the final piece of the puzzle to unlock your credit card.
What to do if you receive a call:
- Get off the phone as soon as possible.
- Never provide the caller with any details about your card, even if it appears he knows the information already.
- Call your credit card company using the number on your credit card. Speak with the security or fraud department to find out if any unauthorized charges exist.
- Report your experience to the FTC Complaint Assistant or by calling 1-877-FTC-HELP.
- Share your story with family, friends, neighbors and everyone you know! You can help prevent someone you know from falling for this scam.