Community
Do you know what ATM stands for? For crooks, it stands for A Thief’s Moneymaker.
A new report from FICO says that “skimming” crimes have made their biggest spike in the past 20 years. This includes ATMs on bank premises, but of course, public ATM kiosks have seen the biggest spike.
The thief tampers with the ATM’s card receiver; the installed gadget collects card data which the thief retrieves later. “Skimming,” as this is called, also refers to capturing the PIN via a hidden camera.
With the stolen data, thieves craft phony debit cards, which they then use at ATMs or for purchases. In seconds, your bank account could be sucked dry—poof!
ATM users normally do not know that a skimming device is in place; they just swipe their card. The thief will come back to collect the skimmed data (likely in the middle of the night).
Prevent Getting Skimmed
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Carlo R.W. De Meijer Owner and Economist at MIFSA
30 June
Steve Wilcockson Technical Product Marketing at Quantexa
27 June
Dmytro Spilka Director and Founder at Solvid, Coinprompter
Eli Talmor CEO at ID-Bound
26 June
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.