MB Bank warns of credit card chip swapping fraud

Military Commercial Joint Stock Bank (MB) has issued a warning regarding a fraudulent tactic known as ‘chip swapping’. Criminals are attempting to detach the EMV security chip from authentic credit cards and attach it to different card bodies to facilitate unauthorized transactions.

To hide the theft, scammers often replace the original chip with a fake or broken one, making the fraud difficult for cardholders to detect initially. MB identified four primary methods used by fraudsters: interfering with cards during POS payments when they are unattended, exploiting unauthorized cash withdrawal or credit card maturity services by requesting the card and PIN, impersonating bank employees to request physical cards for ‘upgrades’, and staging scenarios to briefly borrow or seize a card.

Signs of a swapped chip include visible damage such as peeling, scratches, or misalignment, as well as transaction errors at ATMs or POS terminals. MB advises customers to never leave cards unattended during payments, avoid unlicensed cash withdrawal services, and regularly monitor transaction histories and the physical condition of their EMV chips.