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EMV Scams Are One The Rise

EMV Scams Are On The Rise

Merchants continue to make progress toward EMV certification and consumers are becoming used to the new payment process. EMV technology helps protect cardholder data at the point-of-sale (POS), but criminals are taking advantage of the lengthy EMV transition.

Criminals have started preying on consumers with an email phishing scam. These emails appear to come from the consumer’s credit card company, and inform the consumer that they need to confirm or provide personal information before they can be issued an EMV chip card. If the consumer provides the information via email, they have handed over their banking and personal information directly to the criminals. If the consumer clicks on the link in the email, they have likely downloaded keylogging malware onto their device that allows criminals to gather the information themselves.

Criminals will often use an email address that appears legitimate at first glance, so consumers should scrutinize and verify the email address of the sender before replying or clicking on any links in emails. Another option for consumers: contact the card issuer via the phone number on the back of the card to make sure that the information request is legitimate.

Criminals are going to try to get as much magnetic stripe data as they can before it’s too late – with the rise of EMV, committing card-present fraud is more difficult and expensive. The EMV chip generates a unique transaction code to authenticate the card – successfully forging or cloning an EMV chip is extremely complex, meaning more criminals are trying to exploit magnetic stripe data while they still can. This means they will continue to install card skimmers on payment terminals and ATMs. Whenever a card is swiped instead of dipped, it is at an increased risk. The magnetic stripe, even on EMV cards, is still vulnerable to skimming attacks. Merchants should closely monitor their payment terminals and begin the EMV certification process as soon as they are able.

Unfortunately, criminals are always going to invent new methods for stealing sensitive data, and merchants and consumers need to be aware of the many threats that exist in the payments landscape. Though it may sound trite, trust your instincts. Oftentimes, merchants and consumers disregard phishing emails because “something seems ‘off’” – thereby protecting themselves from criminals looking to gather information.

Though criminals are trying to capitalize on the EMV movement, EMV does offer businesses substantial savings when it comes to fighting chargebacks and undergoing PCI assessments. We can help you secure your payment environment, migrate to EMV, and keep the POS systems you’re familiar with. To learn more, please contact us today.

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