The Secret Service recently contacted large financial institutions around the country about a new credit card scam. The latest twist includes scammers using modified chips in the credit card to access your account.
Here is what you need to know:
1) The modified chip-cards are sent to you in the mail and look like legitimate bank correspondence. The enclosed letter includes instructions to cancel your old card and activate the new (illegitimate) one.
- If you are not expecting a new card, and your old card is not reaching expiration, be suspicious and contact your financial institution for verification.
- Actually, be suspicious of any new chip-cards you receive. Look closely for the telling signs we show below.
2) At this time, it seems large corporations are seeing the most activity - to the hackers, this is where the big money is.
- Cyber crimes that are profitable at any level eventually find their way to the mainstream. So, small businesses and individuals should be vigilant too.
3) According to the Secret Service, signs of a card with an invalid chip include heat marks on or around the card, and potentially a very small hole by the chip - used to peel the chip off and replace it with the bad one.