Holiday time means lots of trips to the automated teller machine and lots of waving around of credit and debit cards.
Of course, this also creates extra opportunities for thieves to make off with personal banking information.
That's why consumer advocates stress extra vigilance this time of year regarding personal financial information. A number of classic scams tend to crop up, inevitably with modern spins on them.
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Thieves are inventing new frauds all the time, too. Know about those three-digit codes on the back of your card, imprinted next to the magnetic stripe? They were added a few years ago by card companies to give extra protection to card holders. Now, thieves are using them to their advantage.
In this scam, the con man has already obtained a victim's credit card or debit card number, using a skimmer or other method. He calls the victim and pretends to be from the security and fraud department of the card issuer, gives a phony badge number and demonstrates that he knows the customer's account information. He tells the victim the card was flagged by security for demonstrating an unusual purchase pattern.
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The victim denies making the purchase. But the thief says the charge will show up on the next statement. He gives the victim a phony control number to document the fake fraud investigation, and with that, he asks for the three-digit code on the back of the card. Of course, the victim gives it up.
That gives the con man everything he needs to make a credit card transaction online or over the phone using the victim's information. The victim is unsuspecting, because he has already been told the charge will appear.
The New York State banking department recommends that consumers act quickly in the event that they believe they have been taken for a ride. Call your bank immediately if you suspect your card was lost, stolen or its information captured by a thief. If your card gets stuck in an ATM, do not re-enter your personal identification number in the hope of retrieving a stuck card. This is a classic scam.
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And remember: The thief doesn't need physical possession of your card to have enough data to do damage to your account.
Stay alert and trust your gut instincts. Use an ATM machine that is located in a well-lit bank branch vestibule. "It may be easier for criminals to tamper with a machine that is in a non-bank location, such as a grocery store, deli or shopping mall," the New York state banking department advises.
"It's not as important to know about every single kind of scam there is, as it is important to be prepared in the event that you do get scammed," a spokeswoman says.