Consumers are being urged to be cautious when speaking to so called banks on the phone, following the increase of credit card phone scams.
Scammers who have bought the majority of the consumers information from illegal sources, or have found them in letters thrown out without being shredded, are now using this information to draw more from consumers.
They will phone credit card customers up, claiming to be from the fraud department, and will give several bits of your information to you, and ask for one back to confirm your details.
This is usually the one piece of information they need to access your account and start spending money, but people are fooled into giving it because they have the other bits.
Once you have confirmed the information they will simply ask you when you last used the card, and just agree with everything you say, saying that the last purchase was fine, as it was you, and that everything is now fine.
You won’t sniff a thing, until the next time you see your statement and you have no money left.
The scam is very common in America, having started in Canada, and has now spread across the Atlantic.
Credit Card holders are urged to beware, and if you are unsure, tell them that you won’t speak to them at this time and call the credit card provider back on a number you know is theirs.