![]() After you do this, they respond that you are correct, thank you, and hang up. Finally, they ask you to prove that you’re in possession of the credit card by asking you to read out the three- or four-digit CVV (Card Verification Value) security number on the back of your card. To verify the credit, the caller recites your home address (correctly) and says you can call the 1-800 number on the back of your card later if you have questions. Once you reply that you haven’t, they assure you they will credit your account for the amount. They then ask if you’ve made a particular purchase. They’ve supposedly flagged your account due to unusual purchase activity overnight and are calling to find out whether your card has been compromised. You get a call on your landline - usually early in the morning - from a person who claims to be working in the security and fraud department of your bank or credit card company. Recommended Credit Cards to Protect You Against Scams.There are a few varieties of the bank investigator scam, so we’ve outlined the details below to help you stay vigilant and keep your credit card information and finances safe. This is so pervasive that the Royal Canadian Mounted Police (RCMP) and Consumer Protection Agency have issued alerts to warn Canadians about it. ![]() One of the devious methods criminals use to get unsuspecting card holders to give up their information is the so-called “bank investigator scam”. This can include lost or stolen cards used for an in-person shopping spree and the theft of card data that can be used to create a counterfeit card or make online/phone purchases (called Card Not Present fraud). So, perhaps it should come as no surprise that in a 2021 poll, 33% of Canadians said they’d been victims of credit card fraud. And that’s just the tip of the iceberg, considering the CAFC estimates less than 5% of all fraud is reported. In 2021 alone, the Canadian Anti-Fraud Centre (CAFC) received 104,295 fraud complaints with total losses of $379 million. How to Make Your Mortgage Interest Tax Deductibleįinancial fraud is on the rise in Canada, with scammers finding new ways to take advantage of our collective trusting nature.Should I Use a Personal Loan to Pay Off My Credit Card Debt?.Tax Changes Canadians Need to Know About.A Look Into A Decade of Canadian Spending.Crypto Trading Tips You Need to Know About.Should I Invest During a Market Downturn?.Investment Glossary: The Terms You Need To Know.Should You Keep All Your Money In One Bank?.Is a Hybrid Bank Account Right For You?.Can You Get a Loan While Receiving ODSP?.Are Premium Cards Worth the Annual Fees?.How to Increase Your Credit Card’s Limit.How to Make the Jump From a Secured to an Unsecured Credit Card.What Credit Card Should You Have at Your Income Level?.What’s the Best Age to Get a Credit Card?.Tangerine Money-Back Credit Card Review.TD Aeroplan Visa Infinite Credit Card Review.Hotel Credit Cards That Come With a Free Night.
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