Credit Card Skimming – Learn what skimming is all about and how this method to steal your identity can rack up your credit card. Victims have no idea that there’s been a theft until they see the fraudulent charges on their statement.
Most victims are so unaware of the theft until they receive an overdraft notice from their bank in the mail. These devices can steal accounts on the fly. Thieves use the device to steal the information in an otherwise legitimate transaction.
For example, these devices are often placed on ATMs or even held in the hands of waiters and store employees. When a card is run through the device, it stores the information on the fly. They are so high-tech that thieves are using them on Redbox movie rental machines.
The best way to detect skimming is to watch your accounts frequently. Monitor your checking and credit or debit accounts online daily and immediately report any suspicious activity.
Watch where you shop. Restaurants, bars, and gas stations seem to be the places where these incidents happen most frequently. That’s because consumers are comfortable letting their cards leave their sight in these places.
Taking just 5 seconds to inspect any card readers before you swipe could end up saving you from identity theft. The skimming technique works by retrofitting a perfectly legitimate eader (like an ATM) with a camouflaged counterfeit reader. The counterfeit reader records all of your information as it passes through.