As if the migration to EMV chip cards wasn’t tricky enough, now scammers are using this opportunity to get cardholders to divulge personal information convincing them that it is required to issue them a new chip card. The instances of this are great enough that it has caught the attention of the Federal Trade Commission:
Here’s how the scam works, the FTC says: Scammers are emailing people, posing as their card issuer. The scammers claim that in order to issue a new chip card, you need to update your account by confirming some personal information or clicking on a link to continue the process.
If you reply to the email with personal information, the scammer can use it to commit identity theft. If you click on the link, you may unknowingly install malware on your device. Malware programs can cause your device to crash, monitor your online activity, send spam, steal personal information and commit fraud.
Perhaps it’s a good time to remind cardholders that financial institutions don’t ask for card numbers in an email or over the phone.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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