Secret Service warns of new chip card scam

Brian Krebs, former reporter for The Washington Post, revealed in his blog that the U.S. Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. “In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with […]

Brian Krebs, former reporter for The Washington Post, revealed in his blog that the U.S. Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations.

“In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards,” Krebs explains. “When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account.”

Signs of a card with an old or invalid chip include heat damage around the chip or on the card, or a small hole in the plastic used to pry the chip off the card.  Read the full scheme here.

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