Beware of new smart chip credit card scams

Scammers are taking advantage by contacting people by email posing as their credit card company informing them that in order to issue a new EMV chip card, they need them to either update their account.

Sourced through Scoop.it from: www.usatoday.com

October 1st was the deadline for retailers and credit card issuing companies to switch over to using the new EMV credit cards which contain a computer chip that creates and encrypts a new number every time the card is used, which will dramatically reduce the amount of credit card fraud.  Under the newly implemented regulations, if a business does not switch its credit card processing machines over to the new EMV cards or if a credit card issuer does not provide new EMV chip cards to its customers, in the event of credit card fraud, the responsibility for loss will be on either the credit card issuer or the retailer, whichever has not complied with the new law.  Ingenious scam artists, the only criminals we refer to as artists, are taking advantage of the situation by contacting people by email posing as their credit card company informing them that in order to issue a new EMV chip card, they need them to either update their account by confirming some personal information or click on a link to continue the process. This is a case of you are in trouble with either option.   If you provide personal information in response to the email, you have just turned over this information to a scammer who will use it to make you a victim of identity theft. Alternatively, if you click on the link, you may end up downloading keystroke logging malware that will steal the personal information from your computer including your Social Security number, passwords and sensitive financial information that will be used to make you a victim of identity theft.

See on Scoop.itInternet of Things – Technology focus

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