TransFund has been notified by the fraud analytics group of a fraud scheme currently occurring in the mid-section (subject to change) of the U.S.
Cardholders are receiving phone text messages stating their card has been deactivated. Cardholders are instructed to call a phone number to confirm their information. When the cardholder responds they are asked for their card number, expiration date and PIN.
Cardholders should not respond to these messages.
This type of fraud scheme has been attempted in the past. This has not been a highly successful fraud scheme to date as the fraudster has not obtained the CVV security value from the magnetic stripe on the card (not visible to the cardholder). The CVV value is validated by the network when the card is swiped. If the CVV value is not on the magnetic stripe or the value does not match what is on the network system, the card will be denied for invalid CVV value.
If you are aware of this fraud scheme occurring in your area you may want to place a message on your financial institutions web page and after hours answering message, with a brief explanation of the fraud scheme, with the instructions to not disclose your card information with the PIN to anyone. If the cardholder has disclosed their information they should contact the financial institution immediately to have their card closed.
If your financial institution uses the optional TransFund After Hours Hot Card Service then providing the after business hours contact information would also be recommended. TransFund’s After Hours Hot Card number is 800-791-2525.
If you have questions, please contact the TransFund Help Desk at 800-588-6816, option 3.