Smart chips are continuing to working their way into credit and debit cards around the nation. While they offer a stronger measure of protection against fraud, they can also be a target for scammers. Protecting Yourself from Credit Scams
Unlike magnetic strip cards, smart chip cards can be inserted into a slot on a card reader for payment processing. Data on the card’s chip can’t be read by card skimmers placed on or around a card reader, making it more difficult for criminals to acquire information from processing devices.
Not every financial company has issued smart chip cards to customers. As businesses replace their customers’ cards with chip-infused versions, criminals are taking advantage of the transition period.
During a smart chip credit card scam, a thief calls a target to tell him or her that the bank is in the process of issuing new smart chip cards. For the customer to receive one, that person must first confirm account information. If the customer hands over this data, a criminal will gain access to sensitive financial information and will use it to make fraudulent purchases.
A bank isn’t going to call you to confirm your card information. The bank already has this data and doesn’t need it from you. A scammer doesn’t have this information and needs to get it from you to commit fraud. Protecting Yourself from Credit Scams
A good way to avoid becoming a victim of credit card fraud from telephone scams is to avoid providing any personal information to unsolicited callers, including your name. If a person calls and requests access to your account information, tell the person that it’s your policy to never give that information over the phone unless you initiated the call. The person might become aggressive at that point and threaten to close your account if you refuse the request. Tell the individual that you’re going to hang up and call the company directly to verify the claim. Disconnect the call immediately afterward, look up the contact information for the company, and report the encounter with the caller.
Fraudsters are counting on you to hand over your credit card information without question. Always question every call you receive and never hand over personal information just because someone asks for it. Protecting Yourself from Credit Scams
Protecting Yourself from Credit Scams
Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams Protecting Yourself from Credit Scams
