Thread: Bank warns of new credit card scam

Standard Bank Namibia is appealing to all customers to be on alert for an alleged old credit card scam that is reportedly to have again surfaced on the market in the country.

In a media release issued here Thursday by Standard Bank Namibia's Acting Head of Marketing, Thaddius Maswahu said what makes this alleged scam different and very convincing to the bank customers is the fact that the fraudsters provide the client with all the information except the one piece they want.

“Bank clients are, therefore, warned that in this case the callers (alleged fraudsters) do not ask for the credit card number as they already have it. This fact has made many people less suspicious which is very important in the manipulation process of the clients, thus enabling the fraudsters to win the confidence of the unsuspecting clients,” said Maswahu.

He explained that the alleged fraudsters calling would say that the are calling from the Security and Fraud Department, and he/she gives a badge number as well as a telephone number that sounds legitimate to the clients.

He/she then spins a yarn about the possible unusual purchase patterns on the client's credit, and if the client says that they did not make such purchase they promise to refund the money.

According to Maswahu, the caller then says that he/she needs to verify that the clients is in possession of this card, and he/she will ask the clients to turn the credit card over and look for some numbers.

“There are seven numbers, the first four numbers are part of the credit card number, the next three numbers are the security numbers that verify the client is the possessor of the card. The caller will then ask the client to read the three numbers to him/her. After the client tell the caller the three numbers , he/she will then say: “That is correct, I just needed to verify that the card has not been lost or stolen and that you still have it,” said Maswahu.

The client is actually asked to say very little and they never ask for or tell the client card number as the alleged fraudsters or scammers only want the three-digit pin numbers on the back of the credit card.
“Clients are therefore requested to never give any numbers of their credit cards over the telephone but to rather tell them to call to call VISA or Master Card directly for verification of their conversation,” advised Maswahu.

It is reported that the real credit card companies would never ask for anything on the card as they already know the information since they issued the cards.
Standard Bank/NAMPA