Protect Yourself Against Card Cracking Scams

In a recent scam targeting millennials, fraudsters are once again cashing in on people’s naivety and goodwill. Only this time, they’re using social media to make it happen.

What makes the scam especially cruel is that fraudsters specifically look for cash-strapped victims who are desperate enough to believe almost anything in the hope of earning a quick buck. This vulnerability, coupled with the broad reach of social media, has made card cracking especially successful.

So what is card cracking? Card cracking scams start with an innocent-looking social media post. It will always showcase some form of quick cash. It might be an easy-to-win contest with a huge cash prize, a dream job that will instantly be yours – as soon as you follow the instructions – or a gift card that you’ll be granted just for sharing information. If you click on the embedded link, you’ll be asked for your checking account information, your PIN or your online banking credentials.

Once the scammers have this information, they can do any of a number of things, from withdrawing large sums of cash from your account to using your debit card number for a massive shopping spree.

In another variety of card cracking, scammers will claim their personal accounts are frozen and they have no access to money. They’ll ask the victim to allow them to access the victim’s account for simple transactions such as depositing checks. The scammers will then cash the checks and, a few days later, when the check bounces, the scammer is long gone. This variation is sometimes played out in person, on college campuses.

In yet a third scheme, card crackers will promise victims a cut of fraudulent funds if the victim allows them to use their accounts. Of course, the victim will be held liable when the scammers are busted.

Don’t be the next victim! Here’s how to protect yourself from card cracking:

1.) Never share personal information with a stranger   

Never share sensitive information with a correspondent whose identity you cannot verify with absolute certainty.

2.) When it’s too good to be true, it usually is   

Free or easy money exists only in fairy tales. Don’t believe social media post that sounds too good to be true.

3.) Never cash a check for someone else   

If someone asks you to cash a check for them, politely refuse. Unless you would trust this person with your life, there is no reason to believe their tale is legitimate or that their check will be honored.

4.) Report suspicious activity   

If you notice any suspicious activity on your account, report it immediately. You may have fallen prey to a card cracking scam and you don’t even know it!

When you’re educated, alert and aware, you’ll spot most scams before it’s too late.

Have you recently spotted any card cracking scams on your social media pages? Share what tipped you off in the comments!

What Happened With Security At Intel?

Early this month, two security flaws were found in the architecture of chips designed by Intel. This potential breach may affect thousands of devices. Here’s what you need to know about the vulnerabilities.

The two flaws: Meltdown and Spectre
Meltdown is considered the less significant threat and has already been patched in many computers.

The Spectre vulnerability, on the other hand, is more problematic. It involves the foundation of the chips that form the computer’s infrastructure. This means it is likely that the problem can only be fixed by redesigning and replacing affected devices. It also impacts an allegedly secure area of the chip architecture, where information like passwords and encryption keys are stored. If exploited, it can grant hackers unchecked access to this information.
Since the two flaws represent problems in the hardware of the product, and not in the software, they are more difficult to patch. This also means the number of affected devices is astronomical and includes operating systems like Windows, Android, macOS and more.

Can the flaws be fixed?
As mentioned, the Meltdown vulnerability can be amended with a patch. While the patch resolves the vulnerability, it slows down computer systems by a full 30%. Despite this drawback, Intel urges all consumers to use the patch.
Spectre, though, has no known fix. Many experts claim that redesigning computers may not even resolve the flaw, as there is currently no known solution for the problem. It can be many years before computers and chips include fixes for the Spectre flaw.

Have the flaws been exploited?
Fortunately, there have been no known exploits of the flaws thus far.

How has Intel responded to the flaws?
Security researchers have actually known about the flaws for months – and have been working to patch them during that time. In fact, most consumer systems are already patched against Meltdown.

Intel has also made several statements in response to the discovery, though it hasn’t addressed the problem of Spectre and the potential need for a massive redesign of its product.

“Check with your operating system vendor or system manufacturer and apply any available updates as soon as they are available,” Intel said.

Intel claims that Spectre and Meltdown patches will be coming to 90% of the company’s affected chips.

Is Intel the only company that has been affected by the discovery?
While Meltdown mostly impacted Intel chips, Spectre has affected other chips, including AMD and ARM processors and IBM’s Power chips.

Fingers continue to point at Intel. The company clearly knew about the problem for a while and failed to let the public know. Critics also claim Intel has not responded to pointed questions about Spectre.

What do I need to do now?
Be sure to apply any updates as they reach the market and keep your antivirus software updated and operating at its strongest level.