FBI Warns: Don't Fall for This Debit Card Scam

FBI Warns: Don't Fall for This Debit Card Scam

The FBI has issued a public service announcement warning about a fraudulent scheme where impersonators trick bank customers into surrendering their debit cards.  

By Rodger Mansfield, Technology Editor

August 6, 2024

Have you received an unexpected call from your bank about suspicious activity on your account?

Did they ask you to cut up your debit card and provide your PIN?

Here's a Cool Tip.  If it sounds too good to be true, it probably is.

In a recent public service announcement, the FBI warned about a fraudulent scheme where impersonators trick bank customers into surrendering their debit cards.

Here's how the scam works:

• The impersonator calls the victim, pretending to be from their bank.
• The impersonator claims that there has been fraudulent activity on the victim's account.
• The impersonator instructs the victim to cut up their debit card but keep the chip intact.
• An accomplice then retrieves the debit card from the victim's residence.
• If the victim doesn't know their PIN, the accomplice will try to trick them into revealing it.
• With the chip and PIN, the impersonators can steal money from the victim's account.

Here are a few simple steps to take to protect yourself:

• Verify the legitimacy of any investment platform before committing funds. Do your research and make sure the platform is reputable.

• Never give out your personal information to anyone over the phone. Legitimate banks and financial institutions will not ask for your PIN or other sensitive information over the phone.

• Be wary of unsolicited calls. Scammers often use spoofed phone numbers to make it look like they are calling from a legitimate source.

• Cut up your debit card yourself if you are instructed to do so by someone over the phone. This is a red flag that the call is a scam.

• Regularly monitor your financial accounts for unauthorized transactions. If you see any suspicious activity, report it to your financial institution immediately.

• Report suspicious activities to the appropriate authorities immediately. You can report scams to the FBI's Internet Crime Complaint Center (IC3).

fig. 1 - Internet Crime Complaint Center (IC3)

The FBI's warning highlights the increasing sophistication of scams targeting unsuspecting individuals. 

By understanding how this debit card scam operates and following the preventative measures outlined in this Cool Tip, you can safeguard your financial information and avoid becoming a victim. 

Remember, vigilance is key in the face of evolving threats. 

Share this information with others to raise awareness and help protect your community from falling prey to such scams.

Source: Alert Number: I-080224-PSA

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Rodger Mansfield, a seasoned tech expert, is the mastermind behind www.OneCoolTip.com where he serves as both writer and editor. With a keen eye for simplifying complex tech, Rodger delivers practical advice that empowers readers to navigate the digital world with confidence. Dive into www.OneCoolTip.com for a treasure trove of savvy tips and tricks that keep you one step ahead in tech.

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