On October 1st the EMV liability shift occurred. Now, merchants are responsible for any fraud that happens during processing. Although we’ve been told to prepare for this change for a full year, only 40% of American card-holders have gotten their chip cards. Unfortunately, this slow adoption rate has given rise to new scams.
Pretending to be a card issuer, individuals call up strangers and ask if they have gotten their new chip cards, if the answer is “no” the hacker then asks the unsuspecting victim to update their account information in order to receive the new card. In reality, you do not need to update your account to receive your card. Your credit card company will do that for you.
In addition, don’t click links that are sent via email to confirm or request your card. Criminals have begun to send out fake links, again assuming the role of the bank or credit card company. Be smart, check URLs, check for signs of security like SSL encryption or seals of trust, and most importantly, double check the information they are providing to you. Be skeptical rather than trustworthy; if it smells fishy, it usually is.
At the end of the year 60-70% of all customers will have their EMV chip cards. However why not give your card holder a call and see when you’ll get yours. Be proactive and ahead of the scammers.
If you’re still having trouble understanding EMV don’t worry your not alone. Read more about EMV here https://www.newtekone.com/2015/01/26/is-your-business-prepared-for-emv/