When someone is offering to lower your credit card interest rates for life — from 19 per cent to 6 per cent — chances are it’s too good to be true.
Fortunately, Ian Caldwell was prepared for a call exactly like that. As the Managing Editor of CTV News in Toronto, he was wise to the ways of scammers — and hungry to put the one who called him in his place. Thinking quickly, Caldwell recorded the conversation, asking several questions to verify the caller’s identify. When the scammer couldn’t convince Caldwell to hand over his card information, he eventually hung up.
Unfortunately, hundreds of thousands of dollars are lost by Canadians every year in credit card interest reduction scams. Watch the video, above, and find out which questions you need to be wary of, and which questions you need to ask in return, if you’re ever asked to provide banking information over the phone.