Chip Card Scams

While new credit and debit cards containing microchips are making payments more secure and preventing fraudulent transactions, scammers are still finding ways to trick consumers.

Introduced in the U.S. about three years ago, these chip cards are still relatively new. As reported by CBS News, a phishing scam is targeting individuals who have yet to receive their new chip cards. Here's how the scam plays out:

• Posing as card issuers, scammers send emails to individuals and ask them to update personal information on their accounts.
• Included in the email is a link to continue the process to complete the so-called updates to their accounts. The link often contains malware that is then installed on the victim's computer.
• The malware subsequently exposes sensitive information and gives the scammers access to personal data, which can lead to identity theft.

If you are expecting a new microchip-based card, beware of this scam. Do not give out any personal information to unverified sources contacting you about your card, especially via email. 

Stay safe!