Wisconsin consumers need to be prepared for a new twist on a phone scam, warned the Wisconsin Bankers Association. The current scheme involves an offer to lower interest rates rather than previous scams that warned of compromised accounts.

In this latest variation, consumers receive a call with an automated message stating, “Your credit card is secure and has not been tampered with. We can lower your interest rate to 6.99 percent. Press 1 to continue with a live operator or 3 to stop receiving these messages.”

If the person presses 1, they will be greeted by a live person who will only identify themselves as being with a generic credit service and that the agency can cut their interest rate in half provided that some basic information is shared. WBA officials believe this is a scam and consumers should take steps to protect themselves.

An educated, cautious consumer is the No. 1 defense against any scam. When consumers receive phone calls or e-mails from agencies claiming to be a credit company or financial institution and requesting their personal information, consumers should protect themselves by following these steps:

STOP: Do not respond immediately.

THINK: Why would they need this information?

CALL: The number from an independent source (such as a phone book or statement).

“No credit company, bank or legitimate business will request a customer to give personal information such as PINs, bank account numbers or Social Security numbers over the phone,” said Kurt Bauer, WBA’s president/CEO. “Unless you initiate the contact, you should never give this information out.”

Personal information that people should never release in a conversation not initiated by themselves includes:

Bank account numbers

Bank card numbers, credit or debit

Personal identification numbers (PINs)

Social Security numbers

If a person receives this type of request over the phone, WBA suggests they should note the name of the caller, the business represented and contact information. The consumer should then contact said institution, using contact information gleaned from a different source like a phone book, to verify the request.

If the request was not legitimate, the incident should be reported to the police, the misrepresented institution and the consumer’s financial agencies. The same guidelines and suggestions apply to e-mail requests for personal information.

“Criminals are constantly inventing new techniques or variations on old ones to steal personal information,” Bauer said. “If a consumer is ever in doubt about a request, they should immediately contact the police or their financial institution. Both agencies are well equipped to determine the legitimacy of the request and will be happy to offer assistance.”

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