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Credit Card Charges

How the scam works:

You receive a call from someone who says he's working for your credit card provider, whether VISA, Mastercard, or American Express:

"Sorry to bother you, but there has been some activity on your card that we believe might be fraudulent. Did you just purchase $487 worth of products at Winni's in Raleigh, North Carolina?" Shocked and confused, you offer a hurried, "No." The man asks you whether you have lost your wallet or if you have your credit card in your possession.

You say you do have it, so he proceeds to confirm your credit card number. To build your trust, he'll read you the full number on the front of the card and the first four digits on the back of the card. But he tells you he needs to confirm the last three digits on the back. You read them, he says "That's correct," and tells you that your money will be refunded in five business days.

As you may have guessed, the money won't be refunded, and you will be faced with several new charges. Scammers can get the bulk of your credit number from receipts--but it's the security numbers that you just gave him that really grant him access to everything.

How to avoid:

The only reason you should ever need to give those numbers is if you're making a purchase. And if your credit card company wants to confirm your identity, they'll use things like your birthday or postal code, not sensitive banking information. And if you're ever skeptical, you can always hang up and dial the number on the back of your card. That way, you can be sure of whom you're talking to. Avoid ruining your credit by not giving personal information to anybody.

Alternatively, if you have problems with your credit already, you can always use reputable companies such as Credit Repair or Equifax Small Business to improve it. There is a little bit about them:

Credit Repair

Credit Repair assists consumers in finding effective and credible solutions to their credit report problems. Throughout the past 15 years they identified, reviewed and worked with several credit report repair processes and now they've bundled the best of them into one powerful service. In addition, two of the largest credit bureaus in the world, TransUnion and Equifax, have elected to join Credit Repair in a strategic alliance to ensure that what's being reported about you on your credit reports is substantiated, fair and accurate. You can access Credit Repair's website HERE.

Equifax Small Business

Get Peace of Mind with Business Credit Monitoring!

The Equifax Small Business web site allows customers the ability to easily and immediately buy small business credit reports or subscribe to monitoring services on businesses in the United States. Customers can register and purchase within seconds using a major credit card. Unlike traditional business credit reporting services, Equifax Small Business goes beyond payables and trade account information and eliminates the bias of self-reported financial information and selective provisioning of business references. You can access their website HERE.

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 (FTC) using the link below:

Report To The FTC Here

 

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.

 

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