CVV2 Credit Card Scam

A new credit card scam has surfaced, one which relies on obtaining your CVV2 number, the three or four digit security code displayed on the front or back of your credit card.

I had been meaning to write about this subject, as I feel the CVV2 number is one of the more important security features we have aside from the almighty PIN number.

The scam works like this:

A scam artist posing as a fraud protection representative from your credit card company will contact you to let you know that a seemingly fraudulent purchase took place.

The purchase will be something you obviously didn’t buy, so you’ll be quick to agree that the charge is invalid.

The fraudster will then ask you a series of questions, and go through typical protocol to make everything seem official.

Then at some point in the conversation, the fraudster will ask you to confirm some personal information to finalize the “fraud report”.

In the process, you’ll be asked to read off a series of security numbers on your credit card, typically known as the CVV2 number.

This is where they get you.

Once the fraudster has you share the security code, they’ll thank you for your cooperation and wrap up the call, explaining that any fraudulent charges will be returned to your credit card.

As you’ll surely be swept up in the whole ordeal, you probably won’t even think twice to confirm that the person who called you is actually a certified employee of said credit card issuer.

Think about it, how often do we ask incoming callers to properly identify themselves?

In the process, these fraudsters will end up with the last critical bit of information needed to use your credit card illegally.

If you receive a call like this, the thief already has your credit card number, so this is simply the final piece of information needed to begin making fraudulent charges using your credit card information.

This information will allow a criminal to make charges online, over the phone, or in any other “card not present” transaction.

That’s why it’s very important to confirm the identity of those calling you, just as they confirm your identity when you call them.

Whenever you call up a credit card issuer, they ask you a series of security questions before sharing any critical information with you.

Make sure you should do the same to ensure you don’t fall victim to scams like the one I just described.

If you think such a scam has already taken place, call your credit card issuer immediately to cancel the credit card.

Remember, the security code on your credit card allows anyone who has your credit card number and basic information to make fraudulent charges, so be sure to keep it to yourself.

Related Topics:

1. CVV Numbers and Credit Card Security Codes
2. Credit Card Skimmer Scams
3. Watch Out for Vishing Scams
4. Ex Bank of America VP Indicted on Credit Card Fraud
5. Fraudulent Credit Report Websites