Each year we are alerted by our banks and financial experts as to how to protect ourselves from identity theft especially when we use our credit and debit cards at retail stores, on the Internet and by phone.
What most people do not realize is that even if you have your credit or debit card stored safely at home or in your purse or wallet, you still may become a victim of identity theft by shrewd criminals.
Most consumers have never heard of the term “skimming.” This new wave of crime utilizes modern technological advances where a thief can much more easily steal your credit card information.
St Louis finance experts are saying that credit and debt card skimming is now becoming an epidemic while becoming more newsworthy due to recent skimming incidents such as those at Bank of America.
Retails stores that accept credit and debit cards such as restaurants, bars, gas stations and ATMs are becoming more susceptible targets for skimming.
Let’s take for example an employee who decides to commit theft. They simply steal a customer’s credit card information off the magnetic strip on the back doing so by means of scanning with a hand held electronic device.
With you financial information in hand, the so-called possibilities are endless. They can either use it to buy whatever they want with you footing the bill or they can sell that information to the highest bidder.
But there is now a new way to capture your card information. When you use your cards at an ATM, they can steal your data by using cameras or personally watching you key in your 4 digit PIN number.
Most consumers are unaware of the fraud that is perpetrated against them until their credit card or bank statement arrives in the mail and they see what purchases they did not make.
The next 10 tips are here to help protect you against such information theft:
1. Always keep your contact information up-to-date with your bank or credit card company. The bank needs this information if you ever need to dispute charges or to inform them of any fraudulent activity.
2. Make sure you write down all customer service phone numbers from the back of your credit or debit cards and keep this list in a safe place at home.
3. If an ATM is in bad shape or run down, walk, no… run away! A sign of a dirty machine may signify that it is not working or may be a criminal clone wanting to steal your information.
4. Always let your bank or credit company know when you travel and where you are going so that they can monitor purchases and decline any suspicious transactions.
5. Look at the signs when you approach an ATM. If there is wording such as ‘enter PIN number twice to complete your transaction,’ go to another machine.
6. Again, make absolute sure you sign up for any banking alerts offered.
7. A skimming device may have been installed on an ATM that appears to be damaged, toyed with mechanically or has any loose fitting parts.
8. If any one that looks suspicious is close by to an ATM, use common sense and leave. Criminals stake out ATMs to possible steal your cash or try to watch you type in your PIN number. If someone offers to assist you when your card gets stuck in the machine stay alert and walk away if necessary. You can always call your bank and report the incident.
9. Make it a habit to cover the keypad with your other hand when keying in your PIN number. This will prevent someone or a camera from capturing your numbers.
10. Skimming can occur at any place accepting credit or debit cards. But more often than not, it occurs at retail locations such as a restaurant. It may be impossible to always do, but try to keep your card in sight when they do their processing. If they have to go to another counter or location of the store, follow them. And if you feel uncomfortable pay with cash or leave.
You should get into the habit of checking the individual charges and balances on your credit card statements when they arrive.
Consumers should also be aware that federal laws do not protect debit cards to the same degree as credit cards when it comes to fraud. So, use your credit card when possible or get a secured one to avoid headaches.
If you notice that your cards are missing, immediately call your bank within two days so that your loss amount is limited to just $50. If you procrastinate, you may end costing yourself and your financial loss may be greater than necessary.
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