Hackers are developing new and improved ways to steal your information to harm your identity and your bank account. Fortunately, technology is evolving as well. The new EMV chip credit and debit cards are designed to be more secure and prevent hackers from easily stealing your information. But although the chip cards themselves are secure, be aware of scams that are surfacing if you are still waiting for your new card.
The Federal Trade Commission warns that scammers are impersonating card issuers by sending emails claiming that the person needs to update their account by clicking the link contained in the email in order to receive their upgraded card.
By replying to these emails with personal information, scammers can use your information to commit identity theft, and malware may be installed on your device upon clicking the link. This malware can crash your device, scammers can monitor your online activity, send spam, steal personal information and commit fraud.
In order to avoid having your identity and money stolen, be cautious of emails you are opening, links you are clicking and who you share your personal information with. Most card issuers will prompt you to log in your account to update your information.
If you do receive an email that you are suspicious of, call your card issuer and confirm whether or not an email has been sent for you to update your information.
If you do need to provide your personal information to update some aspect of your account (for instance, in the case of a name change or updating your address), only do so by going to the company’s website directly.
The Good News
The new cards are less vulnerable to scammers due to the microchip that creates a unique single-use code each time it is used. The older cards are more vulnerable because the magnetic strip on the back of your card contains your account information, and this can be hacked from computers.
But while your card may be safer to use at stores, you’ll still need to be proactive about your own security.