If you have never heard of an ATM skimmer, you need to read this article: How to Protect Your ATM Card

January 12th, 2015  |  Insurance

Technology has its benefits, but it also has its downfalls. One of the negatives of technology is that savvy thieves can use it to take advantage of unsuspecting people without them even knowing it.

ATM skimming is increasingly becoming an issue, and you need to be more careful about how and when you use an ATM. You could be using an ATM that has a skimmer and is stealing your PIN number, allowing thieves to gain access to your bank account.

What Is an ATM Skimmer?

An ATM skimmer is a device that is used by thieves to create a copy of your card and capture your PIN number without you even knowing it.

The device can be attached to any ATM, making it important for you to be aware of the signs a skimmer may be present.

How it works

There are two main components that make up an ATM skimmer:

1. A small device is added on top of the card slot of the ATM: This device creates a copy of the data on your bank card’s magnetic strip, creating a copy of your card.
2. A camera: This camera is pointed at the ATM keypad to capture you entering your PIN. It’s often located on the top or side of the ATM screen.

To the average person, everything looks and functions normally. Once they have your data, thieves will then program a fake bank card and use an ATM to withdraw money from your account.

Know the signs of ATM skimmers

One of the best ways to protect yourself when using an ATM skimmer is to know what to look for. Skimmers are getting more and more complex, with some even transmitting data using Bluetooth. However, there are a number of things you should look for:

• A loose card reader
• An odd looking keypad
• The ATM looks altered or something looks out of place
• Cameras in odd places
• Other subtle changes to the ATM

These are all signs that an ATM skimmer could be present. If you notice something that looks suspicious, bring it to the attention of your bank or management of the location where you are using the ATM.

How to protect yourself

Here are 4 ways to reduce the odds of becoming a victim of an ATM skimmer scam:

1. Cover your PIN with your hand – Whether you are using a debit machine at the grocery store or using an ATM at your home bank branch, always cover your PIN with your hand as a precaution.
2. Monitor your accounts regularly – As a precaution, check your account regularly and look for unauthorized withdrawals.
3. Get money from your financial institution – Minimize the risk by getting money and doing your banking at the teller.
4. Use another ATM – If things look suspicious, don’t use the ATM and find another one.

Do you know anyone that has been a victim of ATM skimming? Tell us about how you protect your PIN and your bank account.

Learn about other ways to protect yourself by reading How To Protect Yourself From Identity Theft.