NACOGDOCHES, TX (KTRE) - It's the latest technology in debit card fraud prevention.
"It just requires you to instead of swiping your card, of course, insert your card into an EMV-capable reader," said Tim Leonard, the CIO, Commercial Bank of Texas.
However, scammers aren't having it. They're using an ancient scheme with a new twist, a phishing e-mail.
"Saying 'Hey, your account has been compromised, click on this link. Or you need to update your information, click on this link. Basically they're sending out millions of these emails trying to find those few people that say 'hey, you know, I need to do that' and they click on that link," Leonard said.
At that point, you just became that scammer's latest victim.
It all stems from this chip. It's called EMV or Europay, MasterCard and Visa, the three companies that originally created the technology. It's rolled out to most, if not all credit and debit cards across the nation.
"Phishing has been out for a long time, but they get smarter and what'll happen is you start getting into this area called spear-phishing. Spear-phishing is a more direct, targeted using the phishing-type scam," Leonard said.
So let's say you frequently post about your love of your local humane society.
"I'm going to create a 'humane society phish' directed at them that's going to say 'Hey, we're really interested in you benefiting the humane society. Click on this link and make your donation," Leonard said.
Scammers are sharpening their skills and experts say you should, too, so your money can stay yours.