Latest Scam Involves New Chip Credit Cards

Maribeth WardTech Tips0 Comments

There’s a new scam in town and it involves the new EMV chip-enabled credit/debit cards. Don’t have your card yet? Beware emails enticing you to upgrade. Recent reports show scammers are emailing consumers (disguised as bank or credit card issuers) and asking them to update account information in order to get their new card in the mail. These emails are actually a savvy phishing scheme, designed to take advantage of a lack of cardholder awareness around the new technology.

Financial institutions are currently in the process of transitioning their cardholders to EMV chip-enabled credit and debit cards, which contain a security code and are less susceptible to skimming and counterfeiting than the traditional magnetic stripe cards.

Banks and issuers are automatically sending the new cards out in the mail. You should receive yours in the next few weeks if you haven’t already. But, if the card doesn’t arrive and you’re ready to upgrade to the new card, you can call your issuer and request one. You will need to activate it once you receive it and should upgrade the billing information associated with any automatic or recurring payments.

The scammers hope that confused consumers will either fork over card numbers and other sensitive personal information in order to get their new card or click on an email link that will download malware on their computer and grab similar info.

How to Protect Yourself
Either event could put you at risk of card fraud or identity theft. To avoid falling victim to this or other phishing scams, it’s a good idea to remain wary of unsolicited emails from your financial institution. It’s best to refrain from clicking on any links. Instead, you can call your bank or credit card issuer directly (the number is on the back of your card) to inquire about information requests. Signs of a phishing scam often include poor grammar, bad syntax and misspelled URLs.

If you think you have fallen victim to the new scam, it’s a good idea to monitor your financial statements for fraudulent charges and to pull your credit report regularly for signs that something is amiss. Mysterious addresses or new accounts that you didn’t open are among the clues that identity theft has occurred. You can pull your free annual credit reports at AnnualCreditReport.com or check your credit scores for free each month at Credit.com.

Keep in mind, the chip cards protect against counterfeiting. They won’t stop online card fraud, so it’s still a good idea to monitor your statements regularly and report any fraud right away to dispute charges and have the compromised card replaced.

If you think you have malware or have downloaded viruses on your computer, shut it off and bring it to WynWay. We can clean it for you and get you back on track.

WynWay provides technology services to clients across the country while being locally owned and operated in Greencastle.

Our services include, but are not limited to:
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