There is a new type of financial fraud that is taking place in the US that targets the businesses in the US. This is a new type of card crime that the fraudsters are employing to get access to the chips of the new corporate debt and credit card.
The fraudsters are gaining access to the corporate chip-based cards before they are delivered to the customers. The company might not use the card immediately after they have activated it. This gives the time for the thieves to use the card with the stolen chip.
The US authorities have intimated the banks about this new credit and debit card chip-based scam by the end of March. They were also given hints on the seven steps that the fraudsters use to intercept and make modifications to the chip-based US businesses debit cards.
The card is first intercepted in the post and then exposed to heat to melt the glue and to remove the chip from the card. The chip gets replaced with an old one and the new chip goes into an old card that they possess. The card is then put into the post. The company staff activates the card with the new chip and this gives the crooks access to company’s card.