Credit card providers are making the switch to a new smart chip system, but the process is leaving room for scams.
While the deadline on the new cards and equipment was October 1st, but many people are still without them. The cards will still be coming in the mail well into next year despite that deadline, according to Monica Horton, President of the Better Business Bureau in Wichita Falls.
The latest survey shows about 60 percent of people are still waiting for the new card. The wait is what’s allowing scammers to pose as credit card employees in hopes of stealing your information.
“The phone calls are coming in and they say we need to issue you your new card in order for you to receive it we need you to verify some things for us,” said Horton.
The scammers are fishing for your personal information not only will they call you, but even email you. Something credit card and banking companies won't do, according to Horton.
“If you receive a phone call or an email or some kind of instruction asking for information or asking for access you need to disconnect that phone call and disregard that phone call,” said Horton.
However consumers aren't the only ones that may fall victim. The con-artist is also preying on small businesses that may still be working to update their processing systems.
“We have heard from some businesses that received a phone call saying that they were with the credit card processing company and they needed access to the terminal to update everything,” said Horton.
This call is also a scam with con-artists hoping to get the information stored inside the card reader.
“These microchip credit cards are going to provide more protection against fraud, just proceed with caution,” she said.
Although the new card and systems are designed to prevent fraud it may not protect everything.
“Consumers probably should know that with the microchip technology it is supposed to reduce fraud but credit cards are still going to be available to be used online,” said Horton.
Consumers still say you still need to be careful with your card numbers and information when shopping online.
The deadline of October 1st does still apply to businesses. That date also signified that the liability would switch from the bank to those who are not smart chip ready.
That means businesses that do not have the new equipment will have to pay for any cases of fraud.
If you get any calls like these officials say the best thing to do is hang up and call the number on the back of your credit card. You should also call the BBB or head to their online scam tracker to report the scam.