Lower Interest Rate Scam: How It Works
(with recording of a real scammer below) The phone rings. You answer. An automated voice mentions the burden of high-interest rates and asks if you’re interested in a lower interest rate for your credit card or mortgage.
If you are, you are required to “press 1”, or any other key. From there on, the automated service is just meant to collect your personal info and financial details. Alternatively, you are “given the chance to opt-out of receiving these notifications” and you are required to press “2”. Either way, you are sent back to the same crook ( a real person), who will try to collect your info. Sometimes criminals spoof the banks’ phone numbers using specific software, so your caller ID shows the name of the bank!
Watch the video below to hear EXACTLY what the scammer says over the phone – recorded original pitch by a victim:
Lower Interest Rate Scam: How To Avoid
Every call you receive that has an automated service should be hung up on. When banks or credit unions have special offers, a real person will call you directly.
Lower Interest Rate Scam: How To Report
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
How to protect yourself more:
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