Thought it would get buried in the GD and wanted to share it with the WAHTF so everyone is aware!

WARNING...New Credit Card Scam PLEASE READ CAREFULLY.
 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 next 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 3 numbers 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. Long story made short - 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 to 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 Master Card" 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.

 Please pass this on to all your family and friends.

Scary, I got a call just like that last week, as did my Wife.

I've received similar calls in the past, but they were all asking to verify recent (actual) purchases I had made, and never asked for any numbers off my card.  That would have been a red flag to me.  I had better talk with the wife though, just in case she isn't in the loop.  The real easy thing to remember is NEVER give any numbers to someone who has called YOU.

Visa has been real edgy when it comes to putting holds on people's accounts.  I was buying $50 at Best Buy and my account had a "hold" on it.  We called Visa right then, verified a few transactions, then had the hold lifted.  Irritating, but somewhat understandable.  I run about $5k to $8k through my Visa every month with a lot of charges, so they are probably just making sure.

That's actually a pretty good one. I could see plenty of people falling for that.

^^bump