Scam, scam, scam!
Royal Bank of Canada received this communication about the newest scam.
This is happening in southern Alberta right now and moving. This one is pretty slick since they provide YOU with all the information, except the one piece they want. Note, the callers do not ask for your card number; they already have it.
This information is worth reading. By understanding how the VISA & MasterCard telephone Credit Card Scam works, you'll be better prepared to protect yourself. One of our employees was called on Wednesday from "VISA", and I was called on Thursday from"MasterCard".
The scam works like this:
Person calling says, "This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460 , Your card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a marketing company based in Arizona?" When you say "No", the caller continues with, "Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?"
You say "yes".
The caller continues - "I will be starting a Fraud Investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800-VISA) and ask for Security. You will need to refer to this Control Number. The caller then gives you a 6 digit number. "Do you need me to read it again?"
Here's the IMPORTANT part on how the scam works:
The caller then says, "I need to verify you are in possession of your card". He'll ask you to "turn your card over and look for some numbers". There are 7 numbers; the first 4 are part of your card number, the last 3 are the Security Numbers that verify you are the possessor of the card.
These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the last 3 number to him. After you tell the caller the 3 numbers, he'll say, "That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?"
After you say no, the caller then thanks you and states, "Don't hesitate to call back if you do", and hangs up. You actually say very little, and they never ask for or tell you the card number.
But after we were called on Wednesday, we called back. Within 20 minutes to ask a question. Are we glad we did! The REAL VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card.
We made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of the card. Don't give it to them. Instead, tell them you'll call VISA or Master Card directly for verification of their conversation.
The real VISA told us that they will never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you're receiving a credit.
However, by the time you get your statement you'll see charges for purchases you didn't make, and by then it's almost too late and/or more difficult to actually file a fraud report.
What makes this more remarkable is that on Thursday, I got a call from a "Jason Richardson of MasterCard" with a Word-for-word repeat of the VISA Scam. This time I didn't let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this scam is happening. I dealt with a similar situation this morning, with the caller telling me that $3,097 had been charged to my account for plane tickets to Spain, and so on through the above routine.
COMPARE BUYING VS. RENTING OVER 5 YEARS
| 0% Down Payment | 5% Down Payment | Rent | |
|---|---|---|---|
| Interest Rate | 6.45% | 5.10% | |
| Purchase Price | $ 250,000.00 | $ 250,000.00 | |
| Down Payment | $ 0 | $ 12,500.00 | |
| CMHC Premium | $ 6,867.50 | $ 6531.25 | |
| Total Mortgage | $ 244,387.5 | $ 244,031.25 | |
| Monthly Payment | $ 1,629.57 | $ 1,433.22 | $ 900.00 |
| Total Paid in 5 years | $ 97,744.20 | $ 85,993.20 | $ 56,676.84 |
| Mortgage Balance @ 5 years | $ 220,913.81 | $ 216,324.00 | |
| Total Paid in 5 years | $ 97,744.20 | $ 85,993.20 | $ 56,676.84 |
| Principle Paid down on Mortgage | $ 29,086.19 | $ 33,676.00 | |
| Increase in Value | $ 187,252.00 | $ 187,252.00 | |
| Total Equity Increase | $ 216,383.19 | $ 220,928.00 | $ 0 |
| Less Monthly payments | - 97,744.00 | - 85,993.20 | - 59,676.84 |
| Net Worth Gained in 5 years | $ 118,563.99 | $ 134,934.80 | - $ 59,676.84 |
| Difference between renting and purchasing over 5 short years |
$ 178,240.83 | $ 194,611.64 |
Please note a conservative 15% increase in home value was applied and a 5% increase in rent over 5 years.
All calculations are based on a 25 year amortization – you may be interested to know that some OUR Banks are now lending up to a 40 year Amortization!
Markets this Week — Weekly Market Commentary
July 27, 2007
TSX stumbles as global equities retreat amid fear of slowing U.S. growth
Concern over the prospect of slowing U.S. growth rattled global equity markets this week. Canada’s S&P/TSX composite index fell 5.3 per cent on the week amid fears that rising corporate borrowing costs and the slumping U.S. housing market may conspire to slow growth in the world’s largest economy. Canadian manufacturers sent 87 per cent of their exports to the United States last year.
Canada’s benchmark fell 2.8 per cent Tuesday – its steepest, single-day decline since April 28, 2004. Materials and energy producers figured prominently in the weekly retreat, with each sector falling 6.3 per cent.
Canadian Pacific Railway and larger rival Canadian National Railway Co. led Canada’s Industrial sector 7.8 per cent lower on the week. CP’s shares slipped 11.3 per cent while CN’s slid 7.6 per cent. Shares of both companies have recently risen amid takeover speculation...
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 5.35% | 7.00% |
| 6 Month Closed | 6.89% | 7.23% |
| 1 Year Closed | 6.14% | 7.00% |
| 2 Year Closed | 6.05% | 7.30% |
| 3 Year Closed | 5.99% | 7.35% |
| 4 Year Closed | 5.89% | 7.35% |
| 5 Year Closed | 5.79% | 7.29% |
| 7 Year Closed | 5.99% | 7.50% |
| 10 Year Closed | 6.25% | 7.85% |
| 15 Year Closed | 6.50% | 0.00% |
| 18 Year Closed | 6.57% | 0.00% |
| 25 Year Closed | 6.68% | 0.00% |
Rates are subject to constant change, for the best rates call 1-866-993-8787.
Resources
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
John Ferrier Head Teaching Professional
CPGA Class A
#320 - 1405 Stevens Road, Kelowna, BC.
Tel: 250-769-0339
Email: kelowna@urbanlinks.net
Twice the Fun Games - Al Samson
1783 Ross Road on the Westside
Tel: (250) 769-4346
Fax: (250) 769-4347
www.TwiceTheFunGames.com
Rockworld - Natural and Manufactured Stone , Fireplaces & Stoves, Sales & Installations
Brent Copeland
PH: 250-769-7250
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Private Home Sellers
www.privatehomesellers.ca
Friends Supporting Friends — Thank You:
Evan William's Group
www.evanwilliamsgroup.com
otis & huckleberry
www.otishuck.com
For your Recreational Investments — www.buycanadaproperty.com
A Quote to Note:
It’s not the situation... It’s your reaction to the situation.
Robert Conklin
Contact
At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!
Direct Line — 250.768.0535
Direct Fax — 250.768.0510
Email — steve@yourmortgages.ca
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