If you haven’t heard already, there is new technology out there to protect our debit and credit cards. Well not really new; but new to the United States. Many European countries, Mexico and Canada have been using it for years. EMV (Europay, MasterCard and Visa) is the global standard for chip-based debit and credit card transactions that ensures transaction security and global acceptance. U.S. financial institutions have been issuing debit and credit cards with EMV chips since 2015 and Logix is among them. At the end of 2015, there were nearly 600 million EMV chip cards in circulation in the U.S.
Fraudsters who use stolen personally identifiable information can perpetrate a wide variety of fraudulent financial schemes, such as hacking online accounts, submitting phony insurance claims, and applying for loans and credit cards to pad their bank accounts. Increasingly, though, identity theft tax refund fraud is becoming a favorite money-making scheme for criminals. The Logix Fraud Risk Management team has seen an increase in this type of activity. With tax season upon us you should be prepared to ensure you don’t become a victim.
Ways to Protect Yourself