Many of us must have heard about card-skimming frauds. The scammers try to steal your card details so they can access your accounts. The scammer is then able to run up charges on your account. Card skimming is also a way for scammers to steal your identity or your personal details and use it to commit identity fraud. By stealing your personal details and account numbers the scammer may be able to borrow money or take out loans in your name. If you are using an ATM, take the time to check that there is nothing suspicious about the machine.
Ask yourself if you trust the person or trader who you are handing your card over to. If a shop assistant looks like they are going to take your card out of your sight, ask if it is really necessary. If you are in a shop and the assistant wants to swipe your card out of your sight, or in a second machine, you should ask for your card back straight away and either pay with a cheque or cash, or not make the purchase.
If you think your card has been skimmed, contact your bank or credit card provider immediately to report it. Protect yourself from smishing. Investors are biggest sufferers of frauds. Increase in frauds drives up premiums. Tips to handle a bank fraud. RFID cards allow for a "tap and go" style of payment because the information is transmitted wirelessly. The worry, of course, is that data transmitted wirelessly can be intercepted or easily accessed from an outside source.
Theoretically, a skimmer could build such a device and walk through a crowd, lifting information from nearby credit cards with RFID tags.
But here's the good news -- the cards tested in Massachusetts were old, first-generation models with little or no security protection. Newer cards use encryption or transmit "dummy numbers" that are only good for a single transaction [source: Schwartz ]. To date, there are no reports of RFID tag skimming. Of course, as RFIDs become more and more prevalent in credit cards, who knows what inventive skimming methods hackers will develop. Read on for more information on how ATM machines and how to protect yourself from identity theft.
Sign up for our Newsletter! Mobile Newsletter banner close. Mobile Newsletter chat close. Mobile Newsletter chat dots. Mobile Newsletter chat avatar. Mobile Newsletter chat subscribe. How does ATM skimming work? Money Scam Pictures In ATM skimming, thieves use hidden electronics to steal your personal information -- then your hard-earned cash. See more pictures of money scams. How to detect and help avoid credit card skimming 1. Make sure the machine is in a brightly lit area where lots of people walk past it often.
These may be mounted near the keypad, so always cover your hand while you type in a PIN. C: Compare the card reader and keypad to the rest of the machine. The colors and styles should all match, and graphics should be aligned and unobscured.
A: Assess for obvious signs of tampering. The panels may be broken or dented, or a security seal may be broken.
N: Nudge the card reader and keypad. Card skimmers and fake keypads are meant to be removed, so if they feel loose, you may have spotted a skimmer.
Use the right type of card Use a credit card—preferably with a chip—if you have one. Monitor your accounts regularly Check your financial statements to catch fraudulent charges—and do it regularly.
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