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:
- Legit emails do not ask for you to verify personal info or to click on a link.
- Do not respond directly to the email. Go to your financial institutions website or call them direct.
- 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.
- 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?