Financial scam targets your credit card number

The latest scam involves your credit card and a phone call from an individual who may or may not work for your bank. Americans should know that criminals are discovering more and more clever ways to obtain financial information. Due to the number of financial scams that are widespread today, consumers should be careful when discussing personal information on the telephone.

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These days, for business purposes, you are your financial information. All that is required for a crook to appear to be you is to possess some information that only you have. With that information in hand, crooks can open accounts in your name, apply for loans, and spend money like crazy. By what means do unscrupulous individuals acquire vital personal information from people? Often, all they do is ask.

In a recent financial scam that is currently popular with thieves, scammers are contacting cardholders and posing as representatives of their credit card company. 

It's easy to get a consumer's credit card number, but to engage in online transactions, you will additionally need a piece of information from the back of the card. The information needed is the CVC2 number, which is a three digit number that is printed only on the back of the card. The CVC2 number does not appear on the billing statement. Many, if not most Internet stores require this number as confirmation that the buyer is the genuine cardholder. If someone should acquire your credit card number and the CVC2 number, they can go on a virtually unlimited spending spree and every one of the bills will become yours. 

The scam is carried out by an individual who contacts you and introduces himself as a representative of your credit card company. He says that he is calling because of some odd activity on your credit card account. He names some curious purchases that he knows you did not make, and you indicate you did not buy those items. He tells you that he will clear up any problems and credit your account. He then asks you for the security number from the back of the card to "prove" that you actually have the card. If you give him the number, you have become a victim.

Be aware that no one from any lender or creditor will ever ask you to provide personal information that they already have. People are often quite trusting, and if an individual calls and says they are from the credit card company, most people will trust them, especially if they have your name and credit card number. You are the account holder of record, so your issuer doesn't care if you really have the card or not. they have no reason to ask you for information from the card itself. If you provide this financial information, it may cost you thousands of dollars.

If you receive a phone call from your charge card company and you are not sure if it is legitimate or not, call the credit card company on your own. Never provide financial information to someone who contacts you on the phone. If you call the credit card company, then you will know for sure who is on the line and you can then bring up the matter in person.