allroad
Inactive User
There's no way to verify whether this anonymous, first-person account is authentic, but the type of fraud it warns against is real enough, so the message is worth heeding even if it is slightly misleading.
It's misleading in that it gives the impression that this type of scam is brand new and only pertains to the three-digit security code now found on the backs of most credit cards. In reality, it's a very old and familiar form of fraud that requires credit card holders to be protective of all the information pertaining to their accounts.
Banks and credit card companies have long warned consumers against providing personal information to unknown callers (or Websites). Con artists are often able to obtain partial information about a potential victim's account, then contact the person masquerading as a company representative to "verify" the account by requesting additional details — in the above case, the three-digit security code. But they might just as well ask for other pertinent details — for example, they may provide the last four digits of your account number (which typically show up on sales receipts, etc.) and request the other 12 digits to "confirm" it. Or they may already be in possession of your full account number and request the expiration date of the card, or your billing address. Any of these individual bits of information may be just what the scammer needs to "fill in the blanks" and gain full access to your account, so beware.
That said, consumers should also be aware that perfectly legitimate businesses or financial institutions may request your three-digit security number (known as "CVC2" by MasterCard and "CVV2" by Visa) to authenticate a transaction. What's essential is that you be fully confident of the legitimacy of the requesting party before giving it out.
It's misleading in that it gives the impression that this type of scam is brand new and only pertains to the three-digit security code now found on the backs of most credit cards. In reality, it's a very old and familiar form of fraud that requires credit card holders to be protective of all the information pertaining to their accounts.
Banks and credit card companies have long warned consumers against providing personal information to unknown callers (or Websites). Con artists are often able to obtain partial information about a potential victim's account, then contact the person masquerading as a company representative to "verify" the account by requesting additional details — in the above case, the three-digit security code. But they might just as well ask for other pertinent details — for example, they may provide the last four digits of your account number (which typically show up on sales receipts, etc.) and request the other 12 digits to "confirm" it. Or they may already be in possession of your full account number and request the expiration date of the card, or your billing address. Any of these individual bits of information may be just what the scammer needs to "fill in the blanks" and gain full access to your account, so beware.
That said, consumers should also be aware that perfectly legitimate businesses or financial institutions may request your three-digit security number (known as "CVC2" by MasterCard and "CVV2" by Visa) to authenticate a transaction. What's essential is that you be fully confident of the legitimacy of the requesting party before giving it out.
