ShareATM Anti-Skim Technology and Consumer Tips
According to the U.S. Secret Service, the government organization that investigates electronic crimes, the loss to ATM skimming each year is about $1 billion dollars. Skimming involves thieves putting card reading devices and cameras on ATM machines to collect customer’s debit card information and passwords. There are solutions for the problem – devices that can be added to an ATM that will detect the skimming activity and shut down the fake card reader while still allowing the customer to complete the transaction.
A blogger with The New York Times recently approached me to discuss ATM skimming. I shared some tips on how people can become more informed and savvier about devices that are installed to steal their money. It’s a situation where consumers are waiting for institutions to deploy the anti-skimming technology available or change the card technology in order to put an end to this financial crime.
In the meantime, there are ways to empower people and protect their bank accounts. There are several telltale signs to look for on any given ATM. One of them, a clever placement of a camera that provides a clear view of customer PIN numbers, can be avoided. Something every person can do is shield the PIN pad with his or her free hand. Another thing people can do is inspect the machine before using it. Does it look like something has been added to the machine? Is there any residual glue or do parts look loose or not well attached? For more of my tips on protecting and detecting, check out the informative blog from The New York Times on How to Spot ATM Skimmers.
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