Credit Card Interest Rate Reduction Scams
Unfortunately, this particular scam is becoming more and more common. Learn how to protect yourself and your personal information.
This scam operates in a few different facets:
- A robocaller or even a live person calls and claims they can lower your interest rate(s) with your existing credit card companies. They claim to have a special relationship with the credit card company or are authorized to act on their behalf. This person will ask you to verify your information (full card number, CVC code, etc.) and then say something like, for a nominal fee you can take advantage of the offer.
- A caller impersonates someone from the actual credit card company. These calls have been known to have “spoofed” phone numbers. In an example from one of our members, the phone number the call originated from was not even a valid phone number! The scammer will likely impersonate larger companies such as Citi, Bank of America, etc. – they think the chances of getting someone that actually has that card is higher than a smaller company. Some even say they are calling from “Card Services” or “Cardholder Services”!
The primary purpose of this scam is for these criminals to obtain personal and/or card information to defraud consumers and even commit Identity Theft. Some fraudsters may already have a “target list” where they have some information on an individual but need more – they attempt to gain this information when calling and offering the false promise to lower your interest rate.
The FTC (Federal Trade Commission) has been targeting these boiler room operations and have even pursued legal action against the ones they’ve caught. The FTC highly recommends filing a complaint on their website (https://ftccomplaintassistant.gov) if you have been targeted by this scam, even if you didn’t provide your personal information or suffered a monetary loss.