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Protect Yourself From ATM Scams
By: James Dimmitt
In this day and age, ATM’s have become a fast and efficient way of getting our
hands on our money. But if you’re not cautious, the automatic teller machine can
also be a quick way for others to get their hands on it too.
Not long ago, ABC News ran a story showing how easy it was to collect account
numbers and Personal Identification Numbers (PINs) from unsuspecting consumers.
In their experiment, they set up a sign next to a banking ATM that offered to
“clean” the magnetic strip on people’s cards as a courtesy to their customers.
The sign had a magnetic card reader attached to it so that people could swipe
their cards to have them “magically” cleaned.
And how many people fell for it? You’d be surprised. In their experiment, more
than half of the people used the special card cleaner before using it in the
ATM. Fortunately, this was only an experiment and no account information was
actually transferred from the “fake” cleaning machine.
But imagine what could have happened if this had not been an experiment but a
scam by real thieves attempting to capture your personal information? I’m sure
those unsuspecting customers in the experiment would have been in for quite a
shock the next time they accessed their account balances!
A twist on this scheme is for crooks to place an “Out Of Order” sign on the ATM
and place a fake machine next to it. The fake machine has a card reader to
collect the account and PIN information but won’t actually dispense cash. The
information collected is then transferred to a new card and used to steal cash
from your account.
Another scheme involves inserting a thin clear plastic sleeve into the ATM’s
card reader. This prevents the machine from being able to read your card and it
will continually ask you to enter your PIN. The thief who installed the sleeve
is stationed nearby watching while the PIN is input over and over. The victim
finally gives up, thinking that the machine has kept their card and leaves. The
thief then retrieves the card, enters the memorized PIN, and takes out cash from
the victim’s account.
If you find anything suspicious about an ATM, report it to the bank and to the
police immediately. Using a little caution with your ATM and credit cards will
go a long way toward keeping you safe from ATM fraud.
About the Author:
© 2005,
www.yourfreecreditreportnow.com Author: James H. Dimmitt James is
editor of “To Your Credit” a FREE weekly newsletter focusing on managing your
personal finances and credit. Subscribe and get a FREE copy of your credit
report when you visit:
www.yourfreecreditreportnow.com |
