Credit card hackers are getting past security chips with new technique

Business / Security / Tech
credit card hackers

Basically, it’s the same game only now the chip reader is the target.

Credit card hackers have a bevy of tricks and hacks to steal credit card information from users. Now that most credit and debit cards have security chips, it has gotten harder to hack cards. Unfortunately, credit card hackers have a new method to get past those security chips called “shimming.” The security chips on modern credit cards work by coding each separate transaction you make with it. In the past, hackers would hack the scanner used to swipe cards to gain access. Now credit card hackers have learned how to do the same with the chip reader.

“What scammers are doing is they’re inserting a super thin device into the part where you insert your credit card, like the slot and they are stealing your credit card information,” said Hope Evans with the Better Business Bureau.

Evans says they’ve received reports across the country of this type of hacking. The message to consumers, be cautious.

“When they are inserting their credit card into the slot and there’s a lot of resistance, they should notify the merchant, and also, if you’re seeing any suspicious activity on your bank account, whether it be a charge that you know that you didn’t purchase then you should notify the bank,” said Evans.

Shimmers can be even more effective than skimmers because they can easily be inserted into indoor, in-store terminals. And when the scammers go to retrieve the data, it just looks like they are paying.

Basically, it’s the same game only now the chip reader is the target. One way to know if there is a shimmer installed is to pay attention to the resistance when inserting your card. If you feel some resistance, chances are there’s something in the reader that shouldn’t be there. It will be interesting to see how this new hack plays out.

What do you think about this new method to hack your credit and debit cards? Let us know in the comments below or on Google+, Twitter, or Facebook.

  Source: WKRN
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