How the scam works:
Low interest credit cards are hot commodities, but beware of the latest scam whether you're looking for 0 interest credit cards or low interest rate credit cards.
There are two variations of this scam:
Scenario 1. Did you ever pick up a phone call and the first thing you hear is an automated message saying: “To lower your credit card rates, press 1”?
If you haven't, chances are you will soon. The automated call scam is quickly spreading all over the world, as victims are lured into pressing keys on their phone and allowing (giving permission by confirming) scammers to register them for shady premium text rate campaigns or even to give them their credit card numbers.
Watch the video below to see in action how this sneaky premium line works.
Scenario 2 (with video). This second variation of the scam involves unsolicited phone calls from fraudsters offering to apply for a low-interest rate credit card on a person's behalf, for a large fee. The criminal will request personal and financial information, including a person's existing credit card number.
Watch the video below to see in action the Credit Card Lower Rate scam.
How to avoid:
Just hang up the call if it is an automated message, regardless of what it is about: lower rates, free trip, bonus loyalty points, etc. For the second variation of the scam, consumers should never pay a fee to a third party for this service. Most financial institutions offer low-interest rate credit cards and consumers can apply for these cards on their own through the financial institution directly. You can also report the scam on this page: Federal Trade Commission Report.
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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Week May 5-11, 2016
|1. Mother's Day Scams|
|2. Amazon Shipment Scam|
|3. Decreased Car Insurance Scam|
|4. Forex Scams|
|5. Driver's License Renewal Scam|
Scam Detector Gives Back To The Community
Scam Detector recently partnered with Travel by Dart, an inspirational web-series where two friends blindfoldedly throw a dart at the world map and travel wherever it lands, with the purpose of helping the land or the people. Click HERE or on the image below to watch the trailer of the series!