More and more consumers are carrying round the new chip credit cards in their wallet. It was thought that the new chip credit cards were a safer alternative than the magnetic strip credit cards. The magnetic strip credit cards required that the card owner sign for their purchases. The chip card supposedly added more security. However, news surfaced that the chip cards are easy targets for credit card skimmers and shimmers. Consequently, it is vital that consumers are aware of this fact. Their financial information might be in danger.
Skimmers And Shimmers
Most consumers are aware of the credit card thieves that use a skimmer to steal information off of a credit card or a debit card. The bad guys attach those recording devices to an ATM and it steals your information during a transaction. A shimmer is a device that has the ability to read the chip that is on your credit card. The thieves will take that vital credit card information and add it to a credit card that uses a magnetic strip. They will use that strip card in stores that have not updated to the chip credit card.
Credit card thieves steal all your credit card information along with all your banking information too. Generally, these scammers strike on the weekend. The banks are closed and the consumer will most likely head to their local ATM to make a transaction. Avoid those thieves by keeping a close eye on your account activity and avoid using unfamiliar ATM’s.