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The Latest Scam: Card Cracking
July 6, 2016

The Latest Scam: Card Cracking

You’ve heard of phishing and skimming, but have you heard of card cracking? Card cracking scams typically target young adults to help facilitate fraud against banks. Consumers are often targeted through social media and enticed to share their checking account information in exchange for a kickback. The kickback is usually in the form of a counterfeit check that is remotely deposited into their account, and the consumer is allowed to keep a portion of the funds. The fraudster then attempts to remove ALL of the funds before the bank determines that the check is counterfeit.

Another variation of card cracking is when the fraudster convinces the young adult to provide them with their debit card and PIN. The fraudster then instructs the consumer to report their debit card as lost or stolen, which ensures protection under Regulation E. While this is going on, the fraudster withdraws the funds from the account.

Interestingly, while this is a relatively new scam, card cracking is becoming more commonplace in a handful of states—including Washington State.As with most scams, the adage “if it seems too good to be true, it probably is” applies.Never give out your personal information—including your PIN number—and always be suspicious when you’re contacted by someone you don’t know through social media.


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