Heads up, its Scam Time again – and yes, it’s pretty much second verse same as the first.

Essentially, the scam works like this:  the con artist identifies himself as an agent with the Security and Fraud Department of Visa, Master Card or whatever – and tells the card holder that his account has been flagged due to unusual activity. The scammer sounds legitimate, even referencing a badge number and instructing the card holder to phone the toll-free number on the back of the card if he or she has any questions. The scammer usually already knows the credit card number and issuing bank. 

He asks whether or not the card holder made any purchase for a certain amount.  The card holder says no. After confirming the account holder’s address the crook then gets down to business – that’s when he explains that he needs to verify that the card has not been lost or stolen – and asks the card holder to provide the three-digit security code on the back of the card. If the card holder gives out that information that scammer has everything he needs to make on-line purchases with the credit card in question; sure enough it is only subsequent to that phone call that card holders will discover fraudulent activity on their card.

If you receive such a call, DO NOT give out your security code.  Instead, tell the caller you’ll contact Visa or MasterCard directly.  Remember that credit card companies will never ask you to provide your three-digit code because they already have that information.

If you discover any fraudulent activity on your credit card account, contact your credit card company to report the fraudulent charges, and cancel your card immediately. Then request a replacement card; file a police report; and contact one of the three major credit reporting agencies to put a fraud alert on your account.