Every year, ATM skimming costs America $8.5 billion, most of which is paid by consumers and institutions. Skimming accounts for 98% of all ATM card fraud, and any of the 40 billion cash withdrawals there are every year worldwide could be compromised. ATM skimming is the new age of bank robbery, and there are a lot of different ways crooks are getting away with it.
With great technology comes great opportunity for thieves. There are tiny cameras that can be placed on ATMs that can record and transmit your information to thieves. There are readers that can take the information directly from the magnetic strip on your card. This information can then be used to make clone bank cards which thieves can use to drain your bank account.
The holidays are the biggest time for thieves, though you should always take precautions to safeguard your card information. If you see anything suspicious or if your ATM looks broken or askew, use a different ATM. Use your hand to cover the PIN pad in case of a camera. And if you suspect anything at all, contact your issuer immediately. Once you report suspicious activity you will be protected in some small way from fraud. Learn more from this infographic.
Cover Photo Courtesy of Free Stock Photos
Infographic Courtesy of ATM Marketplace
