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.
2) At this time, it seems large corporations are seeing the most activity - to the hackers, this is where the big money is.
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.