ATM CARD SLOT FRAUD: TRAPPING FRAUD

The Most Common Types of ATM Frauds Most people would say that the two biggest threats are getting robbed at the ATM or having the person in line behind you view your PIN; however, ATM scams (like data breaches and other financial crimes) have grown more sophisticated in recent years. Thieves don’t need to be present to force you to withdraw the contents of your account. The latest ATM frauds are perpetuated through technology and hacking, so you likely won’t even notice that something fishy is going on. Here are the four most common types of ATM frauds you need to be aware of in 2018: Skimming: This type of ATM scam involves a skimmer device that criminals place on top of or within the card slot. To record your PIN number, the criminals may use a hidden camera or an overlay that covers the original PIN pad. Using the card numbers and PIN’s they record, thieves create duplicate cards to withdraw money from consumers’ accounts. Unlike losing your debit card or having it stolen, you won’t realize anything is amiss until unauthorized transactions take place. Take a look at these so you know how to detect ATM skimmers. Shimming: This is the latest update to skimming. Instead of reading your card number, criminals place a shimming device deep inside the ATM to record your card’s chip information. The end result is the same as skimming because thieves use the stolen chip data to create “cloned” versions of your debit card. Cash-out: This scam targets multiple accounts from the same financial institution. Armed with a hacked bank employee’s credentials, the criminal alters account balances and withdrawal limits. Using stolen debit card numbers captured from a separate skimming attack, they can “cash out” the ATM until it’s out of money. Jackpotting: While there are multiple types of jackpotting attacks, typically, these incidents involve gaining physical access to the inside of the machine. The criminals may replace hardware or install malicious software giving them control of the cash dispensing function. Jackpotting is similar to a cash out scam, but it does not require the criminal to have any customer account details or stolen debit card information.