Credit card fraud alert

[RaySendero]

So chip cards use CVV different, they use what's called an iCVV which is an encrypted dynamic CVV code in the chip good for a single transaction. These are supposed to be kept completely separate from the data on a magnetic stripe that uses a traditional CVV code and if they are not the bank is supposed to decline the charge.

The problem is that many banks are not following this deployment and its been shown that a more advanced skimmer can in fact get enough data from a chip to clone a usable card. Banks need to sunset the magnetic strip and go full chip deployment, that would greatly reduce a ton of the fraudulent transactions.

In your case, its much more likely that your card was the victim of a skimmer on the magnetic stripe, an insecure or fraudulent website where you entered the CVV or a data breach from some place that was storing your card information for recurring charges.

Ok, Just so I understand - The CVV security code is contained in the magnetic stripe?
And an encrypted CVV security code is contained in the chip?

 

[MarkJ]

Ok, Just so I understand - The CVV security code is contained in the magnetic stripe?
And an encrypted CVV security code is contained in the chip?

The CVV is not in the magnetic strip, it is in the chip in a different dynamic, encrypted format.

 

[justapilgrim]

I keep my phone on “ignore callers not in contacts list.” If it’s legit they will leave a message.

I wish I was smart enough to know how to do that on my phone.