By Jeanine Skowronski, an editor and reporter at Credit.com 10/19/15 Don’t have a new EMV chip-enabled
credit or debit card yet? Beware emails enticing you to upgrade. Reports have surfaced that scammers
are emailing consumers (disguised as their bank or credit
card issuer) and asking them to update account information in order to get
their new card in the mail. These emails are actually a savvy
phishing scheme, designed to take advantage of a lack of cardholder awareness
around the new technology. The scammers are hoping that
confused consumers will either fork over card numbers and other sensitive
personal information in order to get their new card or click on a link in
an email that will download malware on to their computer and glean similar
info. How to Protect
Yourself Either occurrence could put you at risk
of card fraud or, worse, identity theft. To avoid falling victim to this or
other phishing scams, it’s generally a good idea to remain wary
of unsolicited emails from your financial institution or companies in
general. Instead, it’s best to refrain from clicking on any links.
Instead, you can call your bank or credit card issuer directly (via the
number on the back of your card) to inquire about information requests.
Telltale signs of a phishing scam include bad grammar, bad syntax and
misspelled URLs. If you think you may have fallen victim
to the new scam, it’s a good idea to monitor financial statements for
fraudulent charges and to pull your credit report regularly for signs that
something deeper is amiss. Mysterious addresses or new accounts that you didn’t
open are among the clues that identity theft has occurred.
You can pull your free annual credit reports at
AnnualCreditReport.com or check your
credit scores for free each month at Credit.com. An EMV Chip Card
Refresher Financial institutions are
currently in the process of transitioning their cardholders to EMV chip-enabled
credit and debit cards, which contain a dynamic security code and are, thus,
less susceptible to skimming and counterfeiting than traditional magnetic
stripe cards. (You can learn more about the new chip card technology and why it’s being
introduced here.) Banks and issuers
are automatically sending the new cards out in the mail (no
information upgrade required). You should receive yours in the next few
weeks if you haven’t already. But, if the card doesn’t arrive and you’re
itching to upgrade to the (slightly) safer payment, you can call your
issuer and request one. You will need to activate the card once you receive it
and should upgrade the billing information associated with any of the card’s
automatic or recurring payments to avoid credit score problems.
Keep in mind, the chip cards protect
against counterfeiting. They won’t stop online card fraud, so it’s still a good
idea to monitor your statements regularly and report any fraud right away to
dispute charges and have the compromised card replaced. |