Articles About Finance And Refinancing

Credit Card Scam Can Cost a Lot of Money

These days, for all practical purposes, you are your financial information. All that is required for someone to pretend to be you is to have some information that only you have. With that information in hand, criminals can apply for accounts in your name, acquire loans, and spend money like crazy. By what means do unscrupulous individuals obtain important personal information from people? Often, all they do is ask for it.

In a recent financial scam that is currently popular with thieves, opportunists are contacting account holders and posing as employees of their credit card company. It is easy to acquire a person's charge card number, but to take part in online business, you will additionally need a piece of information from the card. That is a number known as the CVC2 number, which is a three-digit number that appears only on the back of the card. The security number does not appear on the bill or anywhere else. Many, if not most online stores require this number as proof that the purchaser is the real account holder. If someone should possess your credit card number and the Security number, they can go on a virtually unlimited spending spree and all of the bills will become yours.

The financial scam is performed by an individual who calls you and introduces himself as a representative of your credit card company. He says that he is contacting you because of some unusual activity on your credit card account. He describes some unusual purchases that he knows you did not make, and you confirm you did not make those purchases. He assures you that he will resolve any problems and deduct the charges from your account. He then asks you for the CVC2 number from the card to "confirm" that you really have it. If you give out the number, you have been scammed.

People are often quite trusting, and if a stranger calls and says they work for the credit card company, a lot of people will believe them, particularly if they have your full name and credit card number. Remember that no financial institution will ever ask you to provide personal information that they already have. You are the cardholder on the account, so your issuer does not care if you actually have the card or not. That means that they have no reason to ask you for information from the back of the card. Should you offer this information, it could cost you thousands of dollars.

?Copyright 2007 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing , a firm devoted to informational Websites, including DebtGoAway.net, a site about debt consolidation and credit cards, payday loans and personal bankruptcy.

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