The FBI has issued a warning about a new scam targeting people across the country.
This peculiar scam manipulates individuals into cutting up their bank cards and sending the remains to fraudsters while preserving the vital chip.
This scam has already resulted in significant financial losses for countless victims.
One victim, a Las Vegas woman, was defrauded of $9,000 after sending remnants of her card to scammers.
The scheme involves fraudsters posing as bank employees over the phone.
They begin the conversation by asking about recent transactions, creating the illusion of fraudulent activity on the victim’s account.
The impersonator then instructs the victim to cut up their bank card to stop the alleged fraud.
However, the scammer advises them to keep the EMV chip to return it to the bank.
An accomplice is then sent to collect the remains from the unsuspecting person’s home.
In some cases, fraudsters even offer to help the victim cut up the card to ensure the chip remains intact.
Scammers then employ various cunning and manipulative tactics to get the cardholder to provide the card’s PIN number without suspicion.
Once armed with the cardholder’s chip and PIN, scammers can now access the victim’s bank account through any ATM.
The FBI’s warning follows multiple reports of the scam, including one Reddit user’s experience.
On the website, the victim described receiving a message that appeared to be from Wells Fargo, claiming that a credit card transaction had been canceled.
The user received a follow-up call from a number that appeared to be from the same Wells Fargo, instructing them to cut the card in half and leave it in the mailbox for FedEx to pick up.
Fortunately, the user avoided falling for the scam by contacting a genuine Wells Fargo representative via a verified phone number.
Despite the widespread adoption of cards in the US a decade ago to combat fraud, the technology is very vulnerable if the chip and PIN number are compromised.
How are scammers finding my number?
Here, Mackenzie Tatananni, science and technology reporter for The US Sun, explains how a scammer can get your information.
Scammers often obtain phone numbers through data breaches, which occur when a hacker accesses a private database – usually those maintained by companies such as contractors and employers.
This information can be shared and disseminated online, including on the dark web, where there are forums dedicated to sharing leaked information.
Another common technique called wardialing employs an automated system that targets specific area codes.
A recorded message will instruct the listener to enter sensitive information such as card number and PIN.
There’s also a much more distressing possibility: your phone number could be listed online without your knowledge.
Data brokers are eager to buy and sell your information. These companies collect information from a variety of public online sources, including social media and public records.
Its main purpose is to build databases of people and use this information for personalized advertising and marketing.
Much of this information ends up on public records websites, which display information like phone number, email, home address and date of birth for anyone to see.
In the United States, these sites are legally required to remove your information if you request them.
Locate your profile and follow the cancellation instructions, but be warned: these sites don’t make things easy and are out to frustrate you and prevent you from completing the deregistration process.
To put it simply, you can also use a tool to clean your information from the Internet.
Norton offers one of these services. Called Privacy Monitor Assistant, the tool finds information online and requests removal on your behalf.
It’s also possible that your phone number is linked to a social media account and is publicly displayed on your profile – this happens quite often on Facebook.
Be sure to review your privacy settings and confirm that this information is hidden from prying eyes.
To protect against this scam, the FBI advises individuals to be wary of unsolicited calls and texts claiming to be from their bank.
Like the Reddit user, they advise calling the bank or credit company using a number verified on the corporation’s website to verify any complaints.
If you suspect that you have been targeted by this scam, you can report the incident to FBI Internet Crime Reporting Center using the hashtag #BankChipHack.
Additionally, affected individuals should immediately contact their financial institution to regain control of their accounts.
They should also change passwords and set up alerts for suspicious login attempts or transactions.
This story originally appeared on The-sun.com read the full story
