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This scam starts with a phone call usually at your home. The callers do not ask for your card number, they already have it. By understanding how the VISA & MasterCard Telephone Credit Card Scam works, you'll be better prepared to protect yourself or staff.
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 12457. Your card has been flagged for an unusual purchase pattern, and I'm calling to...
•What Exactly Do The Numbers On The Front Of Your Credit Card Mean?
Have you ever wondered what all of those numbers on the front of your credit card actually stand for? Here is the actual breakdown...
The first digit signifies the system that the card runs on: 3 - Travel/entertainment card (ie: American Express/Diners club) 4 - Visa 5 - Mastercard 6 - Discover Card
The actual card number also varies by the system. (For example, American Express cards start with 37, Diners club cards start with 38)
Visa: Numbers two through 6 are the bank number....
•An Interchange Plus Pricing Structure Can Greatly Reduce Your Credit Card Processing And Merchant Account Fees.
Traditionally small to mid sized businesses have been set up with what is called multi-tier pricing for their credit card processing. This system is usually set up with three tiers (qualified, mid-qualified, and non-qualifed.) Occassionally, if the business owner has negotiated well, there will be a fourth tier for qualified offline debit cards. While this system has worked well for many years, the increasing number of rewards and corporate cards being issued has made this type of pricing...
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