Watch Out For Credit Card Scams and Frauds!

Oct 03, 2016 No Comments by

Those of us with credit cards often receive phone calls from the credit card company that sounds very similar to the one I’m about to describe. It’s imperative to handle it extremely carefully. NEVER EVER provide any information regarding your accounts or you personally.

At 8:48 PM on the evening of September 27th, 2016, I received a phone call on my cell phone which went as follows; I answered the phone by stating my name as I usually do when it’s an unknown caller.

An automated system indicated that this phone call is regarding my credit card account and not to worry that my account is in good standing however I am eligible for a lower interest rate if I would like to continue press one. Although I was cautious moving forward I did so.

I was transferred to what was clearly a call center, the man that answered the phone indicated that he was calling on behalf of and representing Visa and MasterCard. He indicated that they represent several banks and financial institutions and listed several of them. The list include MANY major Financial institutions however two significant ones stood out to me, Citi Bank, Bank of America among them. He went on to say that because I pay the minimum or more on my account that I am eligible for a lower interest rate. He then asked me which of my accounts I carry a higher balance on. To this I responded, “You’re calling me, you should have this information.” He immediately hung up.

I want to warn all of you about the risk of sharing any of your personal information even as much as your mailing address or ZIP Code. I immediately phoned each of my credit card companies and informed them of this fraud.

Many credit card companies request access to your cell phone number as well as the ability to text you in the event of fraudulent activity on your credit card. I encourage everybody to be diligent and conscientious not to disclose information on a phone call like this. Although a phone call like this can be enticing, these types of scams and fraud’s are very common.

Julie Ann Hepburn, National Private Client Group

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About the author

Julie Ann Hepburn, is a Private Banking Expert and Financial Coach. She is the founder and principal of National Private Client Group, LLC , a Chicago based financial consulting group. Ms. Hepburn is a licensed finance professional, and serves as an agent and consultant for several major mutual insurance carriers. For full bio, please see:
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