Consumer Advisory: Avoid EMV chip card phishing schemes

Take 5 to Get Wise!

 

DENVER (Jan. 5, 2016) –  You’ve heard the saying that starts with “An ounce of prevention is worth...” In the case of the new Europay, Mastercard and Visa (EMV) cards, knowing what schemes to look out for is worth your time. Schemes around the rollout of EMV cards along with card-not-present transactions and are expected to continue well after the holidays, with phishing schemes one of the most damaging. 

As consumers continue to receive new credit and debit cards with EMV chip technology from their card issuer, such as their bank or credit union, the Division of Banking and Division of Financial Services at the Department of Regulatory Agenices (DORA) encourages you to take five minutes to research common phishing threats, and beware of official looking emails or phone calls seeking to gather your personal information. Consumers, especially those who have not yet received their EMV chip card, are being specifically targeted by scammers through phishing emails. If you receive an email asking you to update your personal information in order to be issued your new chipped credit card, do not provide them with personal information. If you wish to know when you can expect your new EMV card, please contact your card issuer directly. Contact information for your card issuer can be found on the back of your current credit card.

Most credit card issuers provide for zero financial liability for victims of fraud but a few minutes spent learning how to protect yourself now can save you hours of your time later.   

Resources

Learn more about identify theft and how to protect your personal information by visiting the Federal Trade Commission.

Stop Fraud Colorado through the Colorado Attorney General Office also offers information on avoiding identity theft.

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About DORA
The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit www.dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675

Media Contact:
Rebecca Laurie
Department of Regulatory Agencies
p: 303-894-2338 | c: 720-724-0612