Card Cracking

Card Cracking

What is it and why is it an issue?

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Cracking down on card cracking.

Card cracking is a financial scam that's growing more and more common across the country, and incidents have been reported in Illinois. Scammers who seek to commit card cracking will reach out to victims online and entice them to participate with a kickback. This makes the "victims" themselves criminally involved and they could face up to 30 years in prison for their involvement.

Identify the warning signs of this scam by familiarizing yourself with the 8 steps of a card cracking scenario, outlined below, from this infographic from the American Bankers Association.

How does card cracking occur?

  1. A fraudster sends you a social media message to make "quick cash".

  2. Enticed by the promise of money, you provide the scammer a debit card, PIN, or online credentials -- giving them direct access to your account.

  3. The fraudster deposits a fake check in your account.

  4. Money is withdrawn immediately at an ATM.

  5. The fraudster gives the account holder a kickback.

  6. You call the bank to report a lost or stolen card, or compromised credentials.

  7. Bank reimburses the stolen funds to you.

  8. You are now a criminal accomplice.

To read more about Card Cracking and how to avoid being involved, visit the American Bankers Association