More on New Credit card scam. Watch out!

[Dave Farber <dave () farber net>]

-----Original Message-----
From: Gregory Hicks <ghicks () cadence com>
Date: Fri, 09 Jan 2004 15:42:58 
To:dave () farber net
Cc:ghicks () cadence com
Subject: [IP] More on New Credit card scam. Watch out!

Dave:

Your previous message was word for word from this URL:

http://urbanlegends.miningco.com/library/bl_credit_card_fraud.htm

In addition, these extra comments apply:

Comments:  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.
-------------------------------------------------------------------
Gregory Hicks                        | Principal Systems Engineer
Cadence Design Systems               | Direct:   408.576.3609
555 River Oaks Pkwy M/S 6B1          | Fax:      408.894.3400
San Jose, CA 95134                   | Internet: ghicks () cadence com

"The trouble with doing anything right the first time is that nobody
appreciates how difficult it was."

When a team of dedicated individuals makes a commitment to act as
one...  the sky's the limit.

Just because "We've always done it that way" is not necessarily a good
reason to continue to do so...  Grace Hopper, Rear Admiral, United
States Navy


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