Lower Credit Card Rates Phone Scam

Posted by Admin on July 9, 2019

It takes a lot of work and effort to maintain a good credit rating and one of the perks that make it worthwhile is the ability to obtain low-interest credit cards. Many people in America are constantly researching and comparing competing credit card plans to find the best interest rates and the best rewards program. But as with any enterprise involving money, there are clever thieves looking to take advantage of the obsession to find better deals with various phone scams involving the lure of a lower-interest credit card.

How This Scam Work?

The most frequently used scam begins with an automated message from some company's Customer Service Department claiming to have information on how to obtain a low-interest credit card. You are directed to hit a number to talk to a live Service Representative. These are usually very friendly-sounding people who are eager to help - they just need a little information first. If you make the mistake of offering your card number and other identifying data like the last four digits of your Social Security number, then you have given them the keys to your financial kingdom.

A less common variation is the unsolicited call coming from a live person, usually using a spoofed phone number, who claims to have the ability to bargain a better interest rate for you - again, once they have some information to use. While very professional sounding they will, bit by bit, coax more personal information from you to use as a 'bargaining point.'

Regrettably, these criminals tend to target the segment of the population with lower credit ratings since they are the ones who are most likely to have high-interest rate credit cards. Since many financial institutions legitimately offer ways to lower your interest rates, you do not rally need a bargaining agent to work on your behalf.

As with so many telephone scams, the first line of defense is education. Knowing the scam helps you quickly identify the attempt so you can hang up without risking an accidental slip while talking. You do not have to feel bad thinking just hanging up is rude. They called you and that places no obligation on you to talk to them, especially when you recognize what they are attempting to do. Just hang up and report the number to the appropriate authority. The Federal Trade Commission keeps records on all such reported telephone fraud and by reporting, gives them more information to try and shut down the felonious activity. In the long run, it is well worth it to yourself and society as a whole to help keep everyone's finances safe.

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