🚨 Scam Alert: Protecting Our Members from a Sophisticated Credit Card Fraud Scheme

At CoVantage Credit Union, your security is our top priority. We want you to be aware of a deceptive scam targeting Visa and Mastercard cardholders. By understanding how telephone credit card scam works, you’ll be better prepared to protect yourself.

This scheme is particularly slick, it provides you with all the information, except the one critical detail the fraudster is after.

Important: The callers do not ask for your card number, they already have it.

This is information worth reading. By understanding how the Visa and Mastercard telephone credit card scam works, you’ll be better prepared to protect yourself.
 

🎭 How the Scam Works

A fraudster calls, posing as a representative from the “Security and Fraud Department at Visa,” complete with a fake badge number and a convincing story. They claim your card has been flagged for suspicious activity, typically a purchase of an anti-telemarketing device for $497.99.

When you deny the charge, the caller reassures you that a credit will be issued and even confirms your address with you. Then, they initiate what they call a “fraud investigation,” providing you with a fake control number.

Here’s the critical moment: The caller says, “I need to verify you are in possession of your card,” and asks you to flip it over and read the three-digit CVV security code. Once they have that code, they can make unauthorized purchases that appear legitimate.

Do not share your CVV. Instead, hang up and call Visa or Mastercard directly using the number on the back of your card.
 

• The fraudster already has your card number. What they want is your 3-digit CVV code.
• They never ask for your full card number, making the scam feel more authentic.
• Visa and Mastercard will never ask for your CVV code. Legitimate financial institutions already have this information since they issued it to you.

1. Hang up immediately.
2. Call the number on the back of your card to verify any suspicious activity.
3. Never share your CVV code, passwords, One-time passwords (OTPs), or any other sensitive information over the phone.

🛡️ Stay Safe with Real-Time Monitoring at CoVantage

CoVantage Credit Union actively monitors member accounts using a multi-layered fraud detection system designed to identify suspicious activity. This includes automated tools that flag unusual transactions, alerts to warn members about potential scams, and internal policies that empower staff to report concerns.

Our team is vigilant and responds swiftly to protect our members. Your trust means everything to us, and we’re committed to keeping you informed and secure.

If you ever have questions or concerns, please reach out to our contact center at 1-800-398-2667.