The scam usually starts with the fraudster phoning you up claiming to be from the fraud or security department and indicating that your credit card or debit card has been red flagged as having potentially fraudulent transactions having taken place. The victim will become more trusting as the caller is offering assistance in rectifying the problem.<
>Nowadays its quite easy for fraudsters to get hold of customers bank details. These can be bought for a small amount over the internet or from countries that are large outsourcing or offshore depots for the large banks and credit card companies. By having this information at hand when making the call the fraudster seems more legitimate. What they may not have is the 3 digit security code on the back of your card. A clear way for them to get this from you is to say that they will credit the fraudulent amount back onto your card but in order to do this will need the 3 digit number to process the refund.
Once these details have been given out the fraudster is free to make phone and internet purchases using your card details. You should never disclose your card details from someone that has cold called you no matter who they claim to be from. If the caller is from your card company they should have all your details at hand. If you have any doubts hang up and call your card company to see if in fact there is a query on your card.
To keep your Credit Card details safe you need to be more than vigilent. These simple steps will help you to reduce the chances of being conned by a fraudster. Being conned over the phone is just one of many ways that a person can be duped out of giving up their credit card details. We are all so quick to hand over our credit cards that we need to try and remember that there will always be someone out there ready to steal from you. Credit Card Fraud is a multi million pound business and chances are you will become one of the statistics without your knowledge.
Banks have very good fraud detection centres which is a real help as their sole role is to pick up unnatural activity on your card. Without this you and your bank would lose alot of money.