The New EMV Chip Card Scam

 

For every new idea or product, it usually doesn’t take clever thieves long to come up with a scam and make victims out of innocent people. For that reason, I am starting a new series that focuses solely on scams.

Now that businesses are required to install the smart chip credit card reader, scammers are cashing in on the millions of consumers who have not received their new chip card yet, called the Europay, Mastercard and Visa or EMV.

The old cards require swiping, which sends out your card number. The new chip card produces and encrypts a new number for each use.

According to this website, only 40% of Americans have received their new card. That  means that a whopping 60% are still waiting to receive theirs.

Scammers are emailing their targets, posing as their financial institution. The email states that in order to receive the new card you need to update your account by either clicking a link or verifying personal information.

Clicking the link will expose you to malware that will steal your personal information while verifying your info basically hands it over to them.

So, if you’re wondering whether the email you’ve allegedy received from your bank is legit or not, keep these points in mind:

  1. Legit emails do not ask for you to verify personal info or to click on a link.
  2. Do not respond directly to the email. Go to your financial institutions website or call them direct.
  3. The email should include your name and not “account holder” or “customer”. However, do not automatically trust the email just because it has your name on it. The email should also include something about your account, such as the last 4 digits of the account number.
  4. Some scammers have been known to call or text as a way of gaining personal information. Do not give out any personal information.

Digital thieves are extremely cunning when it comes to their craft. They make a living stealing what others work hard for. Don’t make it easy for them, be aware of their schemes.

Will the new chip card really be more secure? Will scammers find a way around it as well?

 

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25 thoughts on “The New EMV Chip Card Scam

  1. Hmm! These fraudulent people are seriously scum! I wonder how a human can waste their entire life, just looking for how to defraud others. What a great pity. Well done dear. Someone might save themselves some heart ache by knowing these things.

  2. great post…seems every store I go in the there machine is not working…I was in 3 today and was told I couldn’t use the new chip part…had to swipe…I asked why and they couldn’t tell me…I did mention it was law on October first that everyone was to have them up and running…makes me think something has gone terribly wrong because some of the stores were using them last week and today they have tape over the area to slid it in…Hummmm…….no matter what it is the scammers are just waiting for us….thanks for the information…kat

    1. The stores that do not have them ready for use now will not be covered if someone uses a card fraudulently, that’s what that deadline was for. More than half of Americans are still without a chip card so don’t worry if you are still swiping. However, it does seem pretty shady that some stores you frequent were once using them are not currently. Wonder what’s that all about?!

  3. I have had scammers call me and request information and they have background noise as if they are legit. But once they ask me for information that they should have themselves, I hang up and call my institution to verify the call. Great info, Tasha!! Thank you for bringing awareness to this:)

    1. Now they can even call from bogus phone numbers. I had one call me from my very own cell number. It was quite strange to see my phone number calling MY phone. lol

  4. This information is a must.
    Thanks for sharing.
    I received emails from IBM, BMW, Coca Cola mentioning the company’s logo and real pictures, to give me information as to what you have mentioned.
    The content of the emails where that I have some 100 to 300 millions dollars in their survey of the world over.
    I do not know how they work and how come there is no check on that.
    I was happy coming to your blog this morning, shall visit again.
    Please do come to my blog, the red carpet is unfurled for YOU.
    Best Wishes,
    Shiva

    1. I would probably ignore those types of emails but if you’re curious about the legitimacy of them you should contact each company directly but don’t click on any links sent. Sounds like a scam and spam all in one! I’m absolutely honored that you would roll the red carpet for me…especially considering today is my birthday. I appreciate the invitation and I will be making a visit soon! 🙂

    1. With the irony being that the new cards are more secure than the old ones. It’ll be interesting to see just how much that is true as things unfold. Thank you for thoughtful perspective.

  5. GREAT post and information! THANK YOU for another really thoughtful and well written article. I’m so glad you are looking out for us Tasha; there is so many new things out there, that are helpful, but dangerous also, and I wouldn’t know about them if it weren’t for your research. Carrie, A Mother’s Shadow

    1. Hi Carrie!! Likewise, I am also grateful for the fantastic job that you’re doing to bring awareness to domestic violence. Keep up the good work, one post at a time!

  6. It was so nice me having come to your blog on your Birthday.
    My best wishes to you.
    Thanks for the follow.
    I press the follow button for you now.
    In my above comment it is to be read as …I have Won some 100 to 300 million dollars.
    Anyway these are things to be ignored.
    But only question arises how come they do it in the open & online.
    I shall be reading your posts and shall comment on them.
    Regards to You,
    Shiva

    1. Hey thanks Shiva! I appreciate your company over here on my blog and thanks for the follow. I was wondering, where does one go to comment on your blog? I couldn’t find where to comment!!

  7. Dear Tasha!!!
    You can open the post on my blog when you take the cursor to the title you get an underline, there you have to click, it gets open and you can put your comment or like. Every post is like that and I feel in every blog whosoever it is, its like that.
    In my Post I give another title which is of a bigger font and the color is different, just to make it more attractive.
    You might be knowing of this, ofcousre it differs who adopts which theme for their blogs.
    Anyways nice to come across.
    Here goes our journey together.
    Shiva

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