Home|Who We Are|Our Services|Resources|News Center|Contact Us|Client Access
More Articles  Printer Friendly Version


You Can’t Trust The Phone Number On The Back Of Your Credit Card Anymore

It’s not safe anymore to call the phone number on the back of your credit card. Fraudsters now have a way of diverting your call to them. To be clear, you can’t trust the phone number on the back of your credit or debit card. When you call your card company, be on guard for crooked actors.

Real-Life Case. Dialing the number on the back of the card, in this real-life case, connected to a man with an accent, which is normal. Christmas was less than a week away and he read a script saying a free $100 gift card was being sent to everyone calling in, as a thank you to loyal customers. He will pass me on to someone who could help me with my question about my account, but first, he said: “Please just provide an address to send your $100 gift card and a card that we can bill for the $2.99 shipping fee.” The cardholder name, address and card number had to be repeated and recorded one at-a-time, which seemed like a rigorous identity validation. Then, he said they have one other special offer for just $29 a month. Suddenly, this call seemed very odd, so I hung up. Did I dial the wrong number? No, my outgoing call log showed the bank number was dialed correctly.

A New Fraud. This appears to be a new type of consumer fraud. Googling “hijacking bank phone numbers” and related searches in December 2022 did not return any results referencing reports of similar telemarketing fraud incidents.

Bank Statement. Because the bank is a victim in this case and its authentic representatives did not know they were talking to a financial journalist who would write about the incident, the bank’s name is not disclosed. It is one of the largest banks in the U.S. Reaching the bank required dialing the number on the back of the card several times. The first attempt was answered and abruptly hung up on. On the next try, no one answered. After a couple more attempts, an authentic-sounding automated message system answered my call and eventually I was connected with a bank security team representative, who confirmed that this was a new type of fraud. The bank immediately blocked my card from being used and sent me a new one that arrived the next day.

Proper Protocol. Before the bank security team representative would answer any of my questions, my identity had to validated using a one-time password (OTP) sent to my cell phone. Two-factor authentication is a commonly used anti-fraud tactic. If your bank security department does not use two-factor authentication before talking to you about your account, be wary. Ask the bank representative to tell you the last place you used your debit or credit card to validate that you are indeed speaking to your bank.

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

Email this article to a friend

The Economic Boost From Artificial Intelligence
Artificial Intelligence Leaders Warn Of Dire Consequences; What’s It Mean To You Financially?
Inflation Is Lower, And There Is Reason For Optimism
Three Implications Of Artificial Intelligence For Personal Financial Planning
How To Be A Good Grandparent
Managing Investment Risk Strategically Based On Facts And Experience
What Investors Need To Know About The Debt Ceiling
A 2023 Tax Break For Small Business Owners
Parents, Children, And Social Media Regulation
Retirement Planning Basics, And Tips For 2023
Fed Hikes Rates 0.25%, Balancing Risks of Inflation and Bank Runs
Chances Of Contagion Subside
Basics Of A Retirement Income Withdrawal Plan
What You Need To Know Before Investing In A Self-Directed IRA Account
Financial Consumer Alert: Long-Term Care Insurance Policies
After 20 Years, America Is Rethinking Social Media

This article was written by a professional financial journalist for Responsive Financial Group, Inc and is not intended as legal or investment advice.

©2023 Advisor Products Inc. All Rights Reserved.
© 2023 Responsive Financial Group, Inc | 204 W Wing St, Arlington Heights, IL 60005 | All rights reserved
P: 847-670-8000 | F: 847-590-9806 ben@rfgweb.com |
Disclosure | Contact Us
Responsive Financial Group, Inc. is a fee-only registered investment advisory firm in the State of Illinois. Information on this site is compiled from multiple locations and is believed to be accurate. Incorrect information may come from these outside sources. Should you notice anything please notify us immediately. Thank you!