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!

10 Ways to Avoid Fraud

PiggyBankShield-small.jpgFraudsters use clever schemes to defraud millions of people every year. From skimmers to phishing emails, they will stop at nothing to steal your personal and financial information. Protect yourself and keep your hard earned money in sight with these helpful tips!

  1. Only open emails from people you know. Fraudsters often send emails that ask you to click on a hyperlink or open an attachment and enter your personal or financial information. Ignore any emails that make these requests.
  2. Don’t pay upfront. Fraudsters may ask you to pay in advance for debt relief, credit and loan offers, mortgage assistance or a job. They may even say that you’ve won a prize, but need to pay taxes or fees first. Don’t do it! Chances are they will take your money and disappear.
  3. Avoid sharing your personal or financial information in an email, text or over the phone. You never know whose hands that information could fall into.
  4. Shred everything. Shred all documents that contain personal information, including your address, telephone numbers, account statements and other sensitive data.
  5. Create strong passwords and change them at least every six months. Use a unique password with a mix of letters, numbers and symbols for each of your important accounts. Don’t use names, birthdays, common words or sequential patterns.
  6. Monitor your accounts weekly. Keep an eye on your accounts to catch any fraudulent charges as soon as they happen. It’s also a good idea to save your receipts and check them against your statements.
  7. At the gas pump, inspect the card reader and PIN pad. Before you swipe your card, study the card reader and give it a good tug or shake. If it moves, it probably has a skimming device on it. Check the PIN pad as well to make sure it hasn’t been tampered with.
  8. Consider the payment method. Not all forms of payment are alike. Credit cards have significant fraud protection built in, while other payment methods don’t. Wiring money through services like Western Union or MoneyGram is risky because it’s nearly impossible to get your money back. You should also avoid using mobile payment apps, such as Venmo, with people you don’t personally know.
  9. Check your credit history and score regularly. There are a variety of ways you can access your credit report for free. With Credit Karma, you can view your scores and reports anytime, get useful tools and tips to help you understand and improve your score, and get credit alerts to help you spot fraud.  Many credit card companies, like Discover and Capital One, offer free credit tracking tools and send you monthly/weekly updates of your score.  You can also order a free credit report once a year from the three credit bureaus (Equifax, Experian and TransUnion) by visiting
  10. Talk to someone you trust. Fraudsters want you to make decisions in a hurry and they may swear you to secrecy. Before you do anything, check out the story, do an online search, or consult a friend or expert – like a Financial Services Representative at Insight!

We hope these tips help you stay one step ahead of fraudsters! Click here for more fraud prevention information.