We can now add one more item to the list of way criminal could spend your money.
By now we should all be on the look out for credit card skimmers made to fit perfectly on existing ATM and other credit card readers. We should always make sure that we aren’t submitting credit card data through unsecured pages, sketchy websites, via email, etc… and we should always be cautious when restaurants and bars opt to hold your card or take them out of sight for processing.
But now, it’s possible for criminals to use your EMV chip while your card is safely in your wallet.
According to cyber security firm Trustwave, frequent use of your chipped credit or debit card can lead to wear and tear that allows the tiny chip to fall out of your card and if otherwise undamaged, could be placed on another card. Once secured to a dummy card it can be inserted like any other card. While this risk is likely low for the average consumer, it’s certainly something to be cognizant of when using your cards.
Thankfully most banks have recognized the value in protecting their customers from fraudulent use and while fraud is a major problem, customers are often insulated from damage to their credit or financial standing.
Next time you remove your card from the reader, feel the little metal chipped area – if it happens to feel loose, be sure ask your back for a replacement.
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