- Scammers are looking to take advantage of consumers that need money due to the effects of the COVID-19 pandemic with a credit line scam.
- The scam tries to trick consumers with fake phone calls that look like they are from legitimate banks offering credit lines with low interest rates. Ultimately, scammers are looking to steal sensitive personal information or financial information.
- People should be cautious when taking a call from someone claiming to be with a bank. Consumers are encouraged to call the bank directly if they are interested in a new line of credit. Also, if anyone is struggling to pay off their debts, they should only talk to the holder of the debt.
- For more information on credit line scams, contact the Identity Theft Resource Center toll-free at 888.400.5530 or by live-chat on the company website.
Many people need money due to the COVID-19 pandemic. Scammers are taking advantage by trying to trick consumers with fake phone calls that look like they are from legitimate banks offering lines of credit with a low interest rate. The scam can fool people because the calls can have spoofed phone numbers to make it look like they are coming from a legitimate bank.
Who is the Target
Vulnerable consumers that need money
What is the Scam
It is a credit line scam that targets people by phone. The calls begin with a stolen recording from a real bank. Once a “live agent” joins the call, they offer credit lines with low interest rates. However, before the caller gets their new credit line, they have to provide their credit card number and other credit card details. The Federal Trade Commission’s (FTC) Midwest Region Office tells ABC 7 Chicago that they have received thousands of complaints about this particular credit line scam.
What They Want
Credit card numbers, expiration dates and the three-digit CVV code on the back of the card; stolen credit card information can lead to different forms of financial identity theft
How You Can Avoid Being Scammed
- If you get a call from someone claiming to be with a bank and offering credit, be cautious and don’t give out sensitive personal information. You can also let the call go to voicemail and call the security department directly through the number on the bank’s website.
- If you are interested in a credit line, contact your bank directly.
- If you are having trouble paying off any of your debts, only talk to the holder of that debt.
If you believe you are a victim of a credit line scam or would like to learn more, contact the Identity Theft Resource Center toll-free at 888.400.5530. You can also speak with an expert advisor on the company website via the live-chat function.
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