DETROIT–There is yet another twist on debit card scams over which to warn members.
In this case, it’s a bizarre scams that begins with consumers being warned there’s a problem with their account, which is a common theme for financial scams, as every credit union knows.
Where the twist occurs is that victims are told to destroy their debit cards but leave the chip on the front of the card intact for security purposes.
The scammers then steal the chips by sending a “bank representative” out to pick up the destroyed cards with the chips intact and use social engineering to get the PIN numbers needed to use the cards, according to the Detroit Free Press.
Particularly Painful
As credit unions know and as the report added, “With the chip and the PIN, they can then steal funds from the victim’s bank account.”
The scam, of course, is particularly painful as a debit card compromise can involve the total loss of the victim’s funds.
