How Frausters Use This New Trick To Get Your ATM Card Details At ATM Stand

Skimming is a new method use by Frausters to get your card details at ATM stand.  Skimming is the theft of personal information having

Skimming is a new method use by Frausters to get your card details at ATM stand.

Skimming is the theft of personal information having used in an otherwise a normal transaction. The thief can procure a victim’s card number using basic methods such as photocopying receipts or more advanced methods such as using a small electronic device (skimmer) to swipe and store hundreds of victims’ card numbers. Common places for skimming are restaurants or bars where the skimmer has possession of the victim’s payment card out of their immediate view. The thief may also use a small keypad to unobtrusively transcribe the three or four-digit card security code, which is not present on the magnetic strip.

Call centers are another area where skimming can easily occur.Skimming can also occur at merchants when a third-party card-reading device is installed either outside a card-swiping terminal. This device allows a thief to capture a customer’s card information, including their PIN, with each card swipe.

Skimming is difficult for the typical common men to detect, but given a large enough sample, it is fairly easy for the card issuer to detect. The issuer collects a list of all the cardholders who have complained about fraudulent transactions, and then uses data mining to discover relationships among them and the merchants they use. Sophisticated algorithms can also search for patterns of fraud. Merchants must ensure the physical security of their terminals, and penalties for merchants can be severe if they are compromised, ranging from large fines by the issuer to complete exclusion from the system, which can be a death blow to businesses such as restaurants where credit card transactions are the norm.

For Instances of skimming have been reported where the perpetrator has put over the card slot of an ATM (automated teller machine) a device that reads the magnetic strip as the user unknowingly passes their card through it.These devices are often used in conjunction with a miniature camera to read the user’s PIN at the same time.This method is being used in many parts of the world.

How To Prevent Skimming

  1. Reporting lost or stolen cards immediately

  2. Reviewing charges regularly and reporting unauthorized transactions instantly

  3. Installing virus protection software on personal computers

  4. Using caution when using credit cards for online purchases, especially on non-trusted websites

  5. Keeping a record of account numbers, their expiration dates, and the phone number and address of each company in a secure place.

  6. Not sending credit card information by unencrypted email

  7. Not keeping written PIN numbers with the credit card.

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