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Criminals have come up with a new way to steal your payment information when you use a chip credit card, also known as an EMV credit card.
The Better Business Bureau (BBB) is warning that scammers are using a technique called “shimming.”
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With shimming, scammers insert a paper-thin, card-sized device with an embedded microchip and flash storage into the slot where you enter your chip credit or debit card.
When you put your card into the reader, the device copies and saves your payment information.
According to the BBB, scammers use a special card to collect the data and can then make purchases with your stolen PIN and card number.
Cybersecurity blogger Brian Krebs first reported on shimmers in 2015 and posted pictures on his website.
According to CreditCards.com, scammers won’t be able to clone an actual chip card, but they could potentially use the data to print a traditional magnetic stripe card.
If you become the victim of a shimming hack — and the chances are slim — call your credit card company and report it so that you’re not held responsible for any fraudulent charges.
This post was last modified on July 10, 2018 11:02 am
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