From one fraud to another

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Chip card have influenced the kind of fraud thieves commit

by Chris O’Shea

With millions of credit cards converted to the smart chip format instead of the less-secure stripe swipe, it should come as no surprise that thieves are upping their games as well. It turns out that instead of eradicating fraud, the chip cards have merely changed the kind of fraud that thieves commit.

According to CBS News, the new wave of fraud is “account takeover.” fraud Since 2015, incidents of account takeover fraud have jumped by more than 60 percent. This type of fraud involves a thief stealing your contact information, then changing it to their own. From there, they apply for new cards (which are technically your cards) and use them to purchase whatever their hearts desire.

As for preventative measures, be mindful of what you post on social media. Change your passwords often. If you’re having trouble keeping track of your passwords, use an app like Dashlane, which creates — and manages — extremely complex passwords for you. Check your accounts and credit reports regularly to make sure nothing is amiss. Be vigilant about your information. There are likely plenty of thieves hoping you’re not