International Law

Telemarketing Offering Low Interest Rate Scam

Image via Wikipedia

Ed Dickson, writing at his blog Fraudwar, has a warning about a new telemarketing scam.

"Cheap long distance, the ability to spoof caller ID and the credit crisis are being used to facilitate a scam called vishing.

Although telephone (telemarketing) scams are nothing new, the term vishing probably came about because advances in telephone technology are being used to depart unsuspecting people of their hard-earned money."

Ed describes how he responded to a telemarketing call which was pitching a new lower interest rate for his credit cards. But, when he responded and talked with the agent he figured out that "I had very little doubt I was dealing with a scam designed to steal credit card numbers. At no point did she identify a financial institution -- and besides that -- no financial institution would make a cold call and ask for credit card numbers"

My routine advice is to buy an answering machine, tape calls and return them at your leisure. Too many con criminals know too much about how to push your buttons for you to try your luck with them on the phone - you aren't that good enough.

But Ed received a computerized call, which left a message about how to lower his interest - why shouldn't he phone back? And if it was a scam, how does the answering machine help?

If the caller doesn't identify which credit card company they are phoning from, then you can ignore the call. If they do, don't phone the number left on your machine -phone the regular 800 number and ask for the deal.

Read all of Ed's post, it contains a numbering of interesting details about how easy it is to put together the necessary elements to commit this type of telemarketing fraud.

Full post as published by Misleading Advertising Law on November 10, 2008 (boomark / email).