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Skimming. By Earnest Pagtama.
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What is Skimming?. Skimming occurs when devices illegally installed on ATMs, point-of-sale (POS) terminals, or fuel pumps capture data or record cardholders’ PINs. Criminals use the data to create fake debit or credit cards and then steal from victims’ accounts. It is estimated that skimming costs financial institutions and consumers more than $1 billion each year (“Skimming ,” para 1)..
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Target Audience. The target audience for this type of scam are teenagers to adults. Anyone who owns some type of credit card are prone to this type of scam. Older people falls more easily to this type of scam as this method is more recently developed..
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How Do Credit Card Skimmer Work?. The Skimming device reads the magnetic stripe on your credit card when you slide it into a card reader at a gas pump, ATM or other point of sale. The device then stores your card information such as card number, expiration, cardholders name..
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What Happens When Your Credit Card is Skimmed?. Hackers exploit stolen data to make fraudulent online or over-the-phone purchases, sell your information, or generate counterfeit cards . Scammers use stolen data to make internet purchases. Used to carry out identity theft..
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How to prevent credit card skimming?. First, you need to know what a credit card skimmer looks like..
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How to prevent credit card skimming?. Check any machine before using it to be sure it hasn't been tampered with. Do not insert or swipe your card if the card reader appears to be loose, crooked, or damaged, if the images aren't aligned, or if part of the machine is a different color. Cover the keypad with your other hand when typing your PIN in case a camera is recording your number. Always strive to use workstations with security monitoring that are visible to the public; these machines are less likely to be tampered with. For additional protection, use a machine inside the store or an ATM inside your bank..
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What Should You Do If Your Card is Skimmed?. While credit card companies deploy fraud detection technologies and may disable your card at the first sign of fraud, they can't capture everything. You may not discover your card has been skimmed until you notice fraudulent charges on your account. Contact your bank right away. Let them know so they can freeze your card and prevent the scammers on using your card..