Credit/Phone Card Protection

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Chris Gunn

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May 28, 2011, 1:11:24 AM5/28/11
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CREDIT CARD PROTECTION
Thursday, March 21st, 1996

NFIC has received extensive reports this week from victims who have been
called and marketed credit card protection insurance. The pitch involves a
request for credit card account numbers, mother's maiden name, and other
personal financial information, ostensibly to create a card protection
insurance policy. The caller does not give an address or any other
identifying information. NFIC advises never to disclose account numbers or
other personal identifying information over the phone, as it can be used to
make fraudulent charges. Credit card protection is not necessary. All
credit card account holders are protected against theft and loss of their
cards, with liability up to a maximum of $50 in most cases.

The Federal Trade Commission has also warned consumers not to give out
their checking account numbers over the phone. Checking account numbers
can be used in a transaction called a demand draft. This is a legitimate
payment method in which a draft is made on an account using the account
number. The company making the draft states that there has been customer
authorization and that they have this on file. The new Telemarketing Sales
Rule requires verifiable authorization for this kind of transaction.

NEVER give verbal authorization for a draft on your account. ALWAYS ask
the salesperson for something to fill out in writing! Fraudulent
telemarketers will ask for your account number under another pretense and
then withdraw money from your account. You may not even know about it
until your real checks start bouncing. The FTC urges consumers to keep
such information private. If a telemarketer calls and requests your
account number, don't give it out. You might find you've given away a lot
more than just your account number.


Log on the WebSite at http://www.fraud.org, or call 1-800-876-7060.
If you spot obviously illegal operations on the E-Ways, please
forward copies of the messages to NFIC at frau...@psinet.com.
+=======================================================================+
|| The above message is auto-posted at regular intervals as a public ||
|| service by the BIZynet(tm) international business network. Please ||
|| contact Chris Gunn at cg...@bizynet.com for information. ||
+=======================================================================+


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