Beware of Skimmers: (ATM) Automated Machine Teller Theft

A month ago, I got a call from my local bank asking when I planned to make a deposit to correct my overdraft. Meanwhile I had not used my card in weeks. It turns out I had been a victim of skimming and temporarily lost $1600.00. (Never mind the fact that I only had $100.00 in the account in the first place, but that is the bank's problem.)

What is Skimming anyway?

Skimming happens when an ATM machine is used to steal a victim's bankcard information and personal identification numbers. The information is then used to make fake duplicate cards that the crooks use to shop with. (ATM) automated machine teller theft affects thousands of Americans each year and causes losses in excess of $50 million dollars.

How does Skimming ATM Theft Work?

An electronic device also called a skimmer is installed over the keypad and card reader on ATM machines and gas station card readers. The skimming device reads the information on your ATM or credit card, and the keypad, or a nearby hidden camera records the pin number. The skimming device is usually very small and virtually undetectable. It can look like a credit card reader that you would normally use in stores. The crooks may install a skimmer for a short while or left in place with a wireless connection to an offsite computer. The duplicate cards may be sold on the black market, or used by thief.

How do Thieves obtain ATM skimming devices?

Unfortunately, this technology can be found online for very little money. The most expensive skimmers cost only $300.00. I was able to find skimmers for sale online with only two minutes of research. Legal card readers can also be converted into skimmers.

How do I protect myself from skimming?

You can protect yourself from skimming by being observant and alert. Look out for:

~New equipment or changes to your favorite ATM machine. It helps to have a favorite ATM machine so you can recognize changes.

~If you are using an unfamiliar machine, beware of advices that protrude from the ATM machine.

~Read the labels on the ATM machines as many skimmers are foreign and labels on the devices may have misspellings.