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Credit card
scams on the rise Circulating in emails now are warnings against a new modus operandi that can defraud credit card holders. In one of such instance, the victim gets a call from a person identifying himself as from the Security and Fraud department of either VISA or MasterCard. He even gives his badge number as a form of reassurance. He goes on to state that your credit card has been flagged for an unusual purchase pattern, and that he’s calling to verify. The person then gives your card bank and number. He then asks if you bought an item worth $497.99 (or equivalent) from a marketing company based in another country. Obviously, because you did not, you answer in the negative. The caller then continues by saying that VISA (or MasterCard) will be issuing a credit to your account, and that a fraud investigation will commence. He will even tell you to call the 1800 number listed on your card and ask for Security if you have further questions. The whole conversation indeed sounds so very professional. Finally, the clincher: the caller then says he needs to verify if you are in possession of your card, and to please turn the card over. He will give the first four numbers, and then ask for the next three, which are supposedly the security numbers that verify you are in possession of the card. He will then ask you to read these three numbers. Later, if you do call the toll-free line, you will be advised that you have just been a victim of the latest credit card scam. And if you’re unfortunate enough, you would soon see a new unauthorized purchase amounting to $497.99 charged to your card! Or, worse, you only realize you have been victimized when you are denied the use of your card which is a not too pleasant experience. The lesson here is not to give any information on your card to someone on the phone whose legitimacy you are not fully confident. Cardholders’ Risk Another email tells the story of a victim who went to a local gym and placed his belongings in the locker. After the workout and a shower, he came out, and saw his locker open. Alarmed, he flipped open his wallet to make sure all was in order. Everything looked okay – all cards were in place. A few weeks later his credit card bill came with a whopping charge of P14,000! He called the credit card company saying that he did not make the transaction. Customer care personnel verified that there was no mistake in the system and asked if his card had been stolen. "No," he said, but when he took out his wallet and pulled out the credit card, he realized too late a switch had been made. A similar expired looking credit card from the same credit card company was in the wallet. Apparently, the one who broke into his locker at the gym switched cards. The sad part is that since there was no earlier report of the card being stolen, the credit card issuer refused to revise the charges and required the victim to pay. Why were there no calls made to verify the amount swiped? Small amounts rarely trigger a "warning bell" with some credit card companies. Charges for transactions are cardholders’ risks. Switching Ploy In another instance, a man at a local restaurant paid for his meal with his credit card. When the bill for the meal came, he signed it, and the waitress folded the receipt and passed the credit card along. Usually, he would just take it and place it in his wallet or pocket. This time though, he actually took a look at the card and, lo and behold, it was the expired card of another person. He called the waitress and she looked perplexed. She took it back, apologized, and hurried back to the counter under the watchful eye of the man. All the waitress did while walking to the counter was wave the wrong expired card to the counter cashier, and the counter cashier immediately looked down and took out the real card. No exchange of words – nothing! The waitress simply took the right card and came back to the man with an apology. Complicity by the waitress and the cashier? Maybe not, but the scam almost worked. Make sure that credit cards in your wallet are yours. Check the name on the card every time you sign for something and/or the card is taken away for even a short period of time. Many people just take back the credit card without even looking at it, thinking that it is theirs. For your own sake, develop the habit of checking your credit card each time it is returned to you after a transaction. Whenever you are using your credit cards, take caution and don’t be careless. Remember: you are responsible for your credit card. Relying on the credit card company to protect you may, at crunch time, be hazardous to your financial health. Conspiracy In Toll Fees Hike? Manila North Tollways Corp. (MNTC) apparently knows the sensitivity involved in increasing toll fees. In preparation for the inevitable hike in fees, the company produced several information materials explaining in detail and in plain language the benefits that users will derive from the newly rehabilitated North Expressway. Cost savings and benefits were clearly calculated and presented and conveniences to be enjoyed were described. But human nature being what it is, the cost savings and conveniences are viewed with suspicions when just presented on paper. These must be felt and experienced. And what better way to illustrate the validity of these claims than having an alternative to compare with. To achieve this comparative experience, the motorists in the north must have an alternative route. It is therefore important that the MacArthur highway is maintained as a passable route and not kept in disrepair. Then the individual motorist can choose to enjoy the benefits of the North Expressway but must pay for it. Otherwise, the suspicion of conspiracy between some government officials and the Lopezes will continue to haunt MNTC. Join us on "BREAKING BARRIERS" (IBC TV13 on Wednesday, 23rd February 2005, 11 p.m.) and gain insights into the views of Jose "Ping" de Jesus, president, Manila North Tollways Corp., on issues related to the newly completed North Expressway project and the storm of protest raised by the significant toll fee hike. Watch it. Collegiate Champions League We have been receiving calls from those interested to watch the exciting knock-out games to determine the top collegiate team in the country. For info, the remaining knock-out games will be played on Tuesday, 22nd February, at the FEU gym, the semi-finals on Thursday, 24th February, and the finals on Sunday, 27th February, at the Makati Coliseum. Live coverage of the games starts at 4 pm at NBN TV (channel 4) with a delayed telecast at 9:15 pm. At this point, six teams are still in the running for the prestige of being crowned the best collegiate team – these are Philippine Christian University (PCU) and University of Perpetual Help (UPHDS) from the NCAA league, Far Eastern University, University of the East and University of the Philippines from the UAAP league, and the lone survivor from southern Philippines and champion of Cebu, the University of Visayas. Watch the future stars of Philippine basketball. Should you wish to share any insights, write me at Link Edge, 4th Floor, 156 Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at reygamboa@linkedge.biz. If you wish to view the previous columns, you may visit my website at http://bizlinks.linkedge.biz.
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