Four Tips to Protect Your ATM Transaction: Skimming
Wednesday July 14, 2010 - Bankrate.com
Skimming isn't new. It's been around for 10 years. What has changed is that the "technology of the bad guy is getting better every year," says Robert Siciliano, a security expert based in Boston.
Typically, ATM thieves use two devices to capture your PIN and card data. One device sits near where you swipe your card and reads the magnetic stripe on your card with your account number. Even more confusing, the device mimics the card slot. "The technology has evolved to a point where the molded plastic fits like it belongs there," says Siciliano. Devices are even readily available over the Internet for as little as $300.
1. Cover your password with your hand - Skimming thieves use disguised hidden cameras so they can pick up your password. By protecting it, ATM thieves can't access your account.
2. Use familiar ATMs and limit your visits - ATMs in dimly lighted spots or used late at night could be more susceptible to fraud, while ATMs under video surveillance can be safer. Stay away from ATMs at retail stores or restaurants. Recently, skimming devices were found on ATMs in a popular grocery store in central Florida, airports, convenience stores or kiosks are equally vulnerable to ATM thieves.
3. Check bank balances frequently - Given the two-day window for reporting fraud, it pays to check your account frequently. If you don't report ATM fraud within 60 days, you have unlimited liability. "Sign up for alerts and notice unusual withdrawals.”
4. Observe the ATM - Make sure the card slot is "legitimate and not tacked on." Look for things that strike you, he says. "Some people have felt that when they inserted their card, something went awry," he says. In that case, use another ATM.
When protecting your account against ATM thieves, "it's all about awareness, paying attention and understanding risks. There are 400,000 ATMs and every one of them is susceptible to fraud. The speed and convenience of technology has replaced the security of technology.
