Credit Card Interest Rates Scam: How It Works
There is a new scam going around these days. It comes with a phone call, and it’s the opposite of the Credit Card Lower Rates Scam, infamous last year for making thousands of victims across the globe.
Watch the video below to see the Credit Card Lower Rate Scam exposed:
So how does this new scam work?
In the beginning, the phone call is an automated voicemail warning that your credit card interest rates are going up “effective tomorrow”. To avoid being affected by the increase, you are invited to participate in a so-called program, which will make sure to keep your numbers down.
To enroll in the program, you are asked to “press 1” to talk to a representative of your credit card provider.
That’s when the person on the other side of the line starts requesting personal and financial information – “to verify your identity” – including your present credit card number and the social security number.
In a different variation of the scam, you are lured into pressing certain keys on your phone which allows (give permission by confirming) scammers to register you for unscrupulous premium line campaigns.
Watch the video below to see in action how this sneaky premium line works:
Interest Rates Go Up Scam: How To Avoid
What to do? Simple. Just hang up the call if it is an automated message regardless of what it is about: lower rates, free trip, bonus loyalty points, etc.
Most financial institutions offer low-interest rate credit cards, and consumers can apply for these cards on their own through the financial system directly.
Interest Rates Go Up Scam: How To Report
You can officially report the scammers and the phone numbers calling you to the Federal Trade Commission using the link below:
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodical emails and we promise not to spam.
Last but not least, use the Comments section below to expose other scammers.
Related Articles and Pages:
Verify a website below
Are you just about to make a purchase online? See if the website is legit with our validator: