In recent months, the Secret Service reached out to all financial institutions in the United States about the newest credit card scam.
Cybercriminals have been targeting large corporations with a new temporary credit card scam. The cybercriminal will intercept mail from a financial institution to a large corporation. Majority of these letters contain credit cards in them, so the criminals will take the chip out of the new card and replace it with an old chip. The criminals will then mail a letter with a new credit card in it to that corporations. This fraudulent letter is an almost exact replica of the trusted institutions with explicit instructions to cancel your current card and to activate your new card. The credit card that is inside this letter has a modified chip. Once the new card is activated, it won’t work and cybercriminals then have the ability to access your account and spend your money.
You may be thinking, “Why don’t these criminals just take the debit cards from the mail and use them?” If they could, I am sure they would! With these debit cards, you need to call to activate it and this usually requires your pin. With this complex scheme, they got around needing to activate the card and instead would trick the company to activate it for them.
If you work in a large corporation, it is always wise to double check with financial institutions if they sent you specific letters containing debit cards. If it seems suspicious, it most likely is. Pay attention to your company’s activity and transactions after activating a card. If you see out of the normal transactions, talk to your company or call the financial institution for more information.
While this new credit card scam is mainly affecting large corporations, you should still stay vigilante on any suspicious activity with new credit and debit cards. This type of theft will most likely trickle down to small businesses and eventually to individuals. It is always important to be aware and conscious of the information you receive from banks and financial institutions. Always check and verify the amount of money in your account and pay attention to recent purchases.
A good general rule of thumb is to always have a watchful eye on your credit card and debit card activity and recent transactions. For extra security, you can set up a two-step factor authentication which is just further protection for your account. For ultimate peace of mind, I would suggest going into your bank and ask about what type of protection they offer for fraud. They will be the most knowledgeable and up-to-date on these security issues and have some good suggestions to further protect your money.
To read "Cyber Insurance: Why Your Business Needs It", click here.
To read " Cybercrime On The Rise", click here.
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