Don't Fall For Fraud

posted 4/27/2015 in General

Fraudulent fraud departments? While it may seem crazy, these are just the latest attempt by scammers across the country trying to steal consumers’ credit card information. Fraudsters are now pretending to be from credit/debit card companies' fraud departments, hoping to trick individuals into giving away their credit card security code. Be sure to be able to recognize what to look for when receiving these calls to keep your information secure. 

How the Scam Works:
The scammer calls your phone and says he/she is from your credit/debit card's security department. The "fraud specialist" then tells you that there has been a suspicious charge on your card. They make up a fake transaction and ask you if it was authorized. When you say that you never made the purchase, the "fraud specialist" offers to start an investigation into the suspicious activity. The scammer may even provide a fake case number for reference. 

Everything seems normal until the scammer asks one last question. Under the guise of verifying that the credit/debit card is in your possession, they request the security code on the back of your card. Don't give it to them; it's a scam! 

In this scam, identity thieves already have your information. They know your name, card number, phone number and address. Now, all they need is the security code on the back of your card. If you share it, you give the con artist the information he/she needs to rack up charges on your account. 

What to Do if a Fraudulent Fraud Department Calls:  
  • Don't give the caller any information about your account - even if they already know some of the details.
  • Pick up the phone. Call the customer service number on the back of your card or your bank. Talk to the fraud or security department and ask about the unauthorized charges the caller told you about.
  • Phone numbers can be deceiving. Con artists are now using technology from the Internet to disguise their area code in Caller ID systems. This allows them to make calls from anywhere around the world while making the call appear to be coming from your credit card company.
We hope this information will help you, our customers, better protect yourselves against new threats from con artists. At Lincoln Savings Bank, we do our best to provide up to date information and top level security procedures to keep your accounts safe and secure.
Lincoln Savings Bank, Member FDIC
Want the latest and greatest from our blog straight to your inbox?
Blog and News