A new chip card technology was designed to help deter credit card fraud, but a Nashville man claimed that his information was taken even thought he had a chip card.
According to Metro Nashville police, Detectives handled 1,086 credit card fraud cases last year. That number is higher than in year's past.
Stan Alderson knows this all too well.
Thursday morning, he awoke to an email from his bank saying he had no money left in his checking account. He said thieves were able to skim his debit card information, make a new card and use it to purchase gift cards from the Bed Bath and Beyond at Opry Mills.
"It's very unsettling, Alderson said. "But it's the times we live in since we don't use cash anymore."
He even has a debit card that features new chip technology. After talking with his bank as well as fraud protection specialists, he thinks someone was able to skim his information while he had the debit card in his hand at a store.
He said stores around Nashville are not prepared to use the mandated chip technology.
"I've asked several retailers if they want my chip, and they say 'No, the chip doesn't work. We're not ready for it. We're not prepared,'" he said.
Fraud Detectives said thieves have developed a new strategy: going after gift cards instead of big ticket items.
"They want the cash value," Detective Michael Warren said. " Gift cards can be sold online. They don't have to physically ship the card. They can just sell the number."
Experts recommend only having the credit or debit card you need while shopping. They also say to make sure to write down Customer Service numbers as well as the last four digits of your cards. That can save valuable time when you believe your information was stolen.
