Why You're Still Not Secure From Fraud If You've a Credit Card With a Chip

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Source:   —  April 13, 2016, at 3:26 AM

Credit card fraud is presently a $16 billion a year problem in the United States alone, and every hour, thieves with skimmers are stealing Americans' credit card numbers.

Why You're Still Not Secure From Fraud If You've a Credit Card With a Chip

When it comes to stealing credit card information, it'south unfortunately as simple as swiping your card in any skimming device.

Credit card fraud is presently a $sixteen billion a year problem in the United States alone, and every hour, thieves with skimmers are stealing Americans' credit card numbers.

"When the magnetic stripe was created, identity theft wasn't an issue. And so the data was never properly encrypted," Robert Siciliano, a cyber-crime expert, told ABC News' "Nightline."

Credit card thieves can utilize a skimming device to swipe data through credit cards' magnetic strips.

"[Thieves] can utilize those 16 digits over the phone to space a phone order. They can utilize them online to plug it into a website, or they can actually clone a card. They can burn the information onto a empty ATM or credit card and utilize that out in the wild," said Siciliano.

The latest weapon in the U. S. to fight against credit card crime is the newly issued chip technology and signature card, which is supposed to get rid of the cloning of your credit card. You may have recently received a new card with a chip, which holds your encrypted data, from your bank.

But even with the added protection of a chip, Siciliano says credit card fraud is still possible.

"Skimming is still lively and well, and it'll continue to be lively and well as long as that magnetic stripe is still on the back of our cards," Siciliano said.

Because it'south taking a lot of time and money for businesses to create the switch, most cards presently have a chip and a magnetic strip that still contains personal data on it, making you still receptive to thieves with skimmers.

"[Thieves] could easily have what'south called a wedge-type device, a tiny skimming device. They could grab all the information off of it and they could actually create a whole other credit card, so look them closely," Siciliano said.

With that magnetic strip still in space on cards with chips, the ATM could even be a potential danger.

"Be alert that at any given point in time there could be a skimming device on that ATM," Siciliano warned. "Create sure to cover up the keypad with your other hand as you're punching your pin code, because there could be a camera anywhere recording your pin number.

Thieves can even utilize a phone app to thieve credit card details by placing the phone on another person'south wallet for just a few seconds. And as cards with chips capture on, thieves will move increasingly to so-called "card not present" transactions where the chip means nothing, such as with online shopping.

To defend yourself from credit card thieves, you can utilize a wallet that blocks scanning devices or the Signal Vault, which looks love a credit card but has the same blocking powers as a shielded wallet.

Siciliano also says to beware of making purchases on public WiFi.

"The problem with free WiFi is that it's unencrypted and unprotected. Create sure you've a VPN, a virtual private network, that encrypts and locks down your information on free public WiFi," he said.

It also helps to create your passwords complex, to check your statements for suspicious action to know if you've been skimmed, and to sign up for alerts that notify you every time your card is used.

However, Siciliano says that number one has yet seen thieves be able to hack credit cards with just chips.

"Researchers in a controlled environment have been able to obtain information off of chip cards. Whereas, out in the wild, criminal hackers haven't actually been able to crack the code as distant as we know," Siciliano said.

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