Beware of ATM Card Skimmers

ATM card skimming has been around for years. Recently, police in Fort Worth, TX issued a warning to consumers to be on the lookout for card skimming equipment. Because card skimming is not limited to Texas, ACCESS believes that consumers nationwide need to be aware of what card skimming is, how it works, and how to prevent it.

Thieves engaged in card skimming install sophisticated equipment to capture data from ATM cards. The equipment is physically attached to ATM machines but disguised to look like a part of the machine. Once installed, the card skimming equipment captures all of the data stored on ATM cards that are inserted in the affected machine, along with the passwords that consumers enter when making a deposit or withdrawal.

Experienced thieves can install card skimmers in virtually no time. Once installed, they will leave the equipment alone for a period of time, and then return to the ATM to remove it. Once removed, they can use information that they have captured to make counterfeit ATM cards. These cards are then used, in conjunction with the captured user password information, to make withdrawals.

Card skimming is highly profitable for thieves and very problematic for consumers and law enforcement. The reason for this is it normally takes several days for consumers to discover that their bank accounts are being drained. Thieves use this time to make daily withdrawals from impacted accounts.

When using ATMs, consumers should look for any equipment that looks like it was installed on the ATM’s face plate. Most card skimmers look like a box, or an extension, placed over the slot that ATM cards are inserted through.

Consumers who suspect that an ATM machine has been tampered with should not use it, but they should report it to their bank immediately.

Anyone who has been victimized by card skimming should file a police report, and report the incident to their bank promptly.

Technorati Tags : bank+fraud, atm+fraud, credit+fraud, card+skimming, credit+law, banking+law, identity+theft