Is Your Chip Card Secure? Much Depends on Where You Bank

Credit to Author: BrianKrebs| Date: Thu, 30 Jul 2020 15:09:24 +0000

Chip-based credit and debit cards are designed to make it infeasible for skimming devices or malware to clone your card when you pay for something by dipping the chip instead of swiping the stripe. But a recent series of malware attacks on U.S.-based merchants suggest thieves are exploiting weaknesses in how certain financial institutions have implemented the technology to sidestep key chip card security features and effectively create usable, counterfeit cards.

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Secret Service Warns of Chip Card Scheme

Credit to Author: BrianKrebs| Date: Thu, 05 Apr 2018 15:50:42 +0000

The U.S. Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards. When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account.

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