The credit card industry is currently in the midst of a massive change. Swapping the classic stripe and swipe, for new, chip-enabled cards aimed at offering better card security.
Last month, before a key date, industry analyst Matt Schulz of creditcards.com said it was likely to be confusing, and slow.
“It’s the biggest change in the way we use credit cards in decades, and people aren’t ready yet. There’s a lot of confusion out there.”
The recent incentive for banks to get new cards to consumers on October 1st, the major credit card networks shifted fraud liability to whichever side of the transaction hasn’t yet made an upgrade to new technology – the bank or the retailer.
But not everyone has a chip-enabled card yet and now the Federal Trade Commission warns that scammers are capitalizing on confusion.
The FTC says scammers are sending fake emails that seem to be from a credit card issuer, asking for valuable personal information in order to send a new card.
In some cases, the scam asks consumers to click on a link which could install malware.
The FTC says consumers should only enter personal data online when they’ve typed in the web address themselves, and can see the site is secure.
Not sure if an email is legit? The FTC says to call your credit card company, to confirm.