US Secret Service issues ‘chip switch’ card scam warning

Secret Service warns of chip card scheme — Krebs On Security — “The US Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards. When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account.”



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