Debit / Credit Card Scams Could Empty Your Banking Account

There are always new debit / credit card scams around the corner. However, Cards are indeed a comfortable method to pay for everyday transactions. They are also useful for online purchases. This utility of possessing a Credit/Debit Card could be pretty risky, as the ease of use makes it a prime target for scammers. There are numerous credit and debit card schemes; Be careful when handling your cards. Keep the card numbers and pins secure; do not share them with anyone. Online purchases should always occur through legitimate payment processors.

The Oldest Trick In The Book of Credit Scams – Skimming 

Before the appearance of chips, all Debit/Credit cards worked using their magnetic strips. Cards still have these strips, as most readers rely on the chips instead. Some transactions can be charged through the strip only, leaving an opening for scammers.

When scammers have access to your card, you gotta act fast. Because they could effortlessly steal the credentials encoded in the magnetic. So if they hold a functional duplicate of your card and can figure out your pin as well, they’ll have full access to your accounts. Professional scammers will place discrete skimmers on real ATMs. These skimmers collect the magnetic strip information and pins of anyone who visits that particular ATM.

Another Common Method for Scammers: RFID Duplication

Chips function through radio frequency identification technology (RFID). It is the same technology applied to security scanners to detect security tags in almost every store. Unfortunately, this unique technology has also opened many doors to increased credit and debit card scams. Scammers tend to use RFID readers so they could copy the information from a card’s chip. Then they will produce fake cards and use an app to spoof mobile payments. Remember that you can buy an electromagnetic field resistant wallet that will prevent someone from reading your chip while it’s in your pocket. Although you still have to double-check not to leave the safety of your card ignored.