Credit Card Scam - Interest rates are going up
Brand New Scam Scheme!
The police and the Better Business Bureau report a new scam making the rounds. It’s so new that they haven’t fully encountered it yet, but personal reports confirm its existence. This scam seems to be the opposite of last year’s infamous Credit Card Lower Rates Scam. The scammer claims that, according to their records, your credit card interest rates are going up soon. They heighten the pressure by stating that these higher rates will begin tomorrow and urge you to press 1 to speak to an assistant.
How the Scam Works:
Once the assistant answers, they claim that they have a system available to help you avoid this travesty. To join the system, they will request sensitive personal information, such as your credit card account numbers, Social Security number, name, and date of birth. The “assistant” may ask a slew of personal information-based questions. They will then threaten to close all of your credit card accounts unless you comply. If you refuse, the scammer will keep calling over the next few days using the same phone number, but with different area codes.
In some cases, the scammer will try to get you to press specific phone buttons. If you receive a call from an automated system asking you to press 1, it is likely a scam. While legitimate programs do exist inside credit card companies, you must contact the company directly to enroll. Another recent phone scam involves a caller who uses a suspiciously similar telephone number to yours. The scammer will often claim they are returning your call because your caller ID shows that you called them.
What Else Could Happen and How to React?
These scammers may continue by offering some advertising line, often claiming that you’ve been selected for a survey, although the nature of the scam may vary. Their method remains the same: they use Caller ID Spoofing to make the call appear familiar, which subconsciously entices you to trust them.
If you encounter any of these scams or any phone scam, the best thing to do is to just hang up. Do not press any buttons, even to opt out or be removed from their caller list. Instead, find out how to contact the Federal Trade Commission and report the incident.