Courier Scam

Credit card frauds is on the rise across the world and has become a multi-billion dollar problem. And with fraudsters operating every possible technique such as phishing, skimming etc. to get control of card holders details. To quantifying the data – fraud spiked to 11 billion dollar in the year 2013 according to the report by California, US based research firm Javelin Strategy & Research and over 13 million consumers fell victim. With the additional layers of security added such as chip and PIN, frauds became harder to commit for fraudsters. However, a new scam technique called COURIER SCAM is making consumers fall under the scamsters.

Working of Courier Scam

Credit card owner receives a call from a person claiming to be from the security department of the card issuer bank. They claim to have received fraudulent transaction on your card. Moreover they also say that they need to collect your card to protect it and then ask you to put it in an envelope with your secret PIN or to key this PIN into the phone. The fraudster then hires a genuine courier to collect this envelope, which is then delivered to the fraudster. Once they gain control of your card they can make illegitimate use of it. To fully gain trust of the card owner, the scammer may ask you to hang up and call the number on the back of your credit card. However they keep the phone line open and before you are connected to the real number, you are immediately returned to them.

Protecting from Courier Scam

Preventing yourself from getting trapped from courier scam is quite easy. And here’s what you should know:

1) Card issuing bank will never call you to say they will collect your credit card from your home

2) Your bank will never ask for your PIN or ask you to enter it on the phone

3) If you notice any of these signs then hangup immediately

Bonus read: Safety tips for credit and debit cards