New Identity Theft Scam on the Loose
Fraud scams are on the rise, partially due to the weak economy and the desperation many people are feeling financially. The latest scam involves getting you to reveal your credit card’s security code over the phone. Rather than try to paraphrase or blog about it, I’ll just re-post the email I got from one of my banks, Farmer’s and Merchants Bank in Southern California.
Dear Valued F&M Customer, We would like to inform you of a new tactic fraudsters are using so that you can protect yourself. The goal of this scam is to illicitly obtain your credit card information by getting you to reveal the 3 digit security number on the back of your VISA or MasterCard. Here is how the scam works. The fraudsters, posing as a member of the Security and Fraud Department at VISA or MasterCard, will contact you claiming that they have noticed unusual purchase activity on your card and need to confirm it. When you tell them that you did not authorize the purchase, they will pretend to credit your account, but need your 3 digit security code on the back of your card to do so. Do not provide them with this number. Doing so will give the scammer the final bit of information they need to make fraudulent charges on your card. If you are contacted under these pretenses, simply hang up and file a police report. Farmers & Merchants Bank wants to help protect you. Should you have additional questions, please contact our Fraud Department at (562) 344-2350.
Watch out folks! Scammers are getting cleverer! There is never any reason for you to give out your security code over the phone! Don’t fall for this.
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