If you have ever heard about the card cracking scam, it might have been through a spectacular news story. For example, an aspiring New York City rap artist named Young Ash assembled a crew that stole over $50,000 in a massive card cracking scam.
While you may not be shocked to hear that hardened street criminals are committing crimes, you may be shocked to learn something else.
Card cracking scam artists can’t commit these crimes without people like you. Average, everyday people are needed to finalize most card cracking scams.
In fact, the most successful card cracking scams need regular people like you to become unwitting accomplices.
Over $12 million was stolen from financial institutions via the card cracking scam in 2014 according to the American Bankers Association.
And business for card cracking scams is good because life is so hard for average people.
The typical American salary is only $48,700. Meanwhile, that same average family usually owes $137,000 in various debts.
The pandemic has wrecked the global economy. Tens of millions of Americans face eviction. Well over 60 million Americans have applied for unemployment insurance since March.
Life may still get worse for many people. Cash strapped average people are the prime targets for scam artists to help them in card cracking scams.
Here is what you need to know.
The Card Cracking Scam
A card cracking scam, also known as, “card popping,” is basically an augmented form of check fraud.
It takes two to tango with it comes to a card cracking scam. However, it’s important to understand that the card cracking scam artist keeps their anonymity and access to all your information.
If you agree to work with such a scam artist, you essentially become a puppet in exchange for a small cut of ill-gotten gains.
Here is how the scam works:
A card cracking scam artist sends you an anonymous phishing message via social media, text, or email. This message will be designed to gauge your interest and consider your own personal finance situation.
The card cracking scam artist may offer you an alias or nickname, but you won’t know their true identity. This could be a scam artist who lives near you or on the other side of the world.
After replying to the phishing message, the scam artist will try to befriend you and relate to your financial problems.
Then they will break down the scam to you. You need to give this anonymous scammer access to your bank account. This would include your bank account number, PIN, and any other sensitive financial information.
This anonymous scam artist will then deposit bogus checks in your bank account and then start withdrawing money. After that, the scam artist will give you a small cut of the money.
But that isn’t the end of it. Now you must do your part and become a victim/accomplice.
Now, you call your bank and lie. You say that your card or identity was stolen.
If you are lucky, the bank might reimburse your, “stolen,” finds. They might close the account too.
Does this sound like the perfect scam?
The truth is that it really isn’t.
The Card Cracking Scam and You
It’s easy to believe that only street criminals engage in card cracking scams. If you throw out sensitive bank information, someone could commit card cracking by fishing in your garbage.
However, the most successful card cracking scam attempt require unwitting accomplices.
Most people engage in these scams because they are financial hurting and convince themselves they are not committing a crime.
Most card cracking scams email bomb the internet looking for people like:
- People aged 19 to 25
- Social media users
- Single parents
- College students
- Newly enlisted, active, or veteran military personnel
Card cracking scam artists know that someone who is financially hurting will probably answer them.
These kinds of scams just don’t appear overnight. A card cracking scam artist needs hundreds or thousands of people, like you, to willingly give up their financial data.
The card cracking scam is built one accomplice at a time.
And hey, its your own bank account, right? So, who is getting hurt?
Don’t Give In to Card Cracking Temptation
Think about it – you are basically victimizing your own bank account. So, what’s the big deal.
Well, its bank fraud for one thing. Once you lie to your bank about your own involvement in defrauding your own bank account, its bank fraud.
If caught, you could go to jail for 30 years!
Your personal banking information could be flagged as a fraud risk by your bank. Then, your bank could pass this information to other banks.
It really won’t be beneficial for you to find out, “bank fraud,” is listed on your credit history,
Also, consider that the anonymous scam artist you trusted has your personal information.
Would you give a sibling or close friend your bank account number or PIN? Why would you give it to an anonymous scam artist after a phishing contact?
Why?
Do you really think a scam artist is bound by the honor system? They could open new bank account using your identity. They could sell your identity to other criminals.
Or, they could continually track the status of any new bank account you open. If they steal your money, who do you turn to?
If you participate in a card cracking scheme, you must give the anonymous scam artist all of the power.
When you think about it, you are at their mercy. You must trust that the anonymous scam artist will keep their word and pay you.
Who will help you if the police figure out your part in the card cracking scam? Tell them to contact the anonymous scam artist?
Your best bet is to not get involved in the first place.
Ignore All Card Cracking Solicitations
Ignore every card cracking solicitation and phishing message you receive. Delete them immediately.
Those are non-personalized mass communication designed to entice financially troubled people.
It’s like the scam artist is throwing a fishing line in the water.
For a card cracking scam to be successful, you must surrender all of your sensitive financial information.
And keep in mind, this scam artist will be anonymous to you. They could be a mile away or located in the other side of the world.
There are no innocent victims in this kind of scam.
Its an offer you should refuse.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.