Beware of a New Bank Card Fraud Scheme

A new fraud scheme is targeting customers of financial institutions. In this scam, criminals pose as representatives from your bank or credit union, claiming suspicious activity on your account. They then instruct you to destroy your debit card but leave the chip intact. An accomplice picks up the card, using the chip and your PIN to steal your funds.

How the Scam Works:

• Initial Contact: Fraudsters reach out via phone, text, or email, pretending to be from your financial institution. They may claim there’s unusual activity on your account and need to verify details. The contact often appears legitimate because scammers use caller ID spoofing.
• Card Destruction Request: You’re asked to destroy your debit card but keep the chip intact. This unusual request should immediately raise suspicion. The scammer might say a new card will be issued, but their real goal is to use the chip to access your account.
• Card Collection: An accomplice is sent to pick up the destroyed card or just the chip. With the chip and your PIN, they can create a cloned card and drain your funds.

• Guard Personal Information: Financial institutions will never ask for your PIN or request that you hand over your card.
• Verify Requests: If you receive such a communication, hang up and contact your financial institution directly using a verified phone number.
• Report Fraud: If you suspect you’ve been targeted, report it to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov. Include details such as how you were contacted, any phone numbers used, aliases, and the keywords #BankChipHack. You should also contact your financial institution immediately to regain control of your accounts, change passwords, and place alerts for suspicious activity.

Remember, Provident will never contact you to ask for verification of your account, security, or personal information. If you receive a suspicious call, text, or email from someone claiming to be a Provident employee, do not share any information or reply. If it is a suspicious call, please hang up immediately. If in doubt, contact Provident directly at (800) 632-4600 to confirm.