“Card Member Services”- Lower Your Credit Card Interest Rate Scam
(Executive Director’s Scam Alert August 2019)
The caller identified himself as working for “card member services”, representing all of the major credit card companies. He said he could drop my interest rate on my credits cards by 1/3. He asked me to confirm my full name and home address (he had my correct address) and that I had a Visa or MasterCard. He claimed to have ‘pulled up’ my accounts and then wanted me to confirm the entire card number for one of my credit card accounts so he could verify it was really me.
Instead of giving him a credit card number, I asked him to give me the last 4 numbers of any of my accounts that he had ‘pulled up’. Things got interesting after that. We went back and forth, each demanding that the other verify the information. I explained that I am an attorney who works for a non-profit legal services organization and that I research financial scams targeting seniors. The caller was not concerned. He forcefully informed me that unless I gave him a credit card number, he would not be able to transfer me to the accounts manager who would be the one to lower my interest rate. After the call ended, I received several (unanswered) calls from similar numbers.
Don’t fall for this one! This scam has been around for a long time because it is successful in getting credit card numbers and other personal information, then stealing identities and making unauthorized credit card purchases. Instead, call your credit company and ask for an interest rate reduction yourself. It may or may not be successful, but you won’t be putting your financial future at risk.