Avoiding Credit Card Skimming Scams & Fraud A Review Of This Emerging Problem
Credit Card Fraud On The Rise Credit card fraud has increased significantly after the pandemic. In the U.S. in particular, credit card usage has grown exponentially, which has invited the attention of scammers and fraudsters. This not only impacts customers, but also financial institutions and merchants and leads to losses worth billions of dollars every year. In this presentation, we will be reviewing and listing ways through which consumers can protect themselves from such fraudulent activities, fake schemes and scams.
What Is Credit Card Skimming Fraud? This is a type of fraud that involves using devices and other means to capture your credit card information when you swipe it at ATMs, gas stations, and use it at stores. After stealing the details (card number, your name, and card’s expiration date) stored on the magnetic strip, the fraudster can easily create a duplicate card and siphon away funds.
Signs Of Skimming Fraud Skimming machines in stores and shops are easier to spot. These are separate machines that the vendor may use right after swiping your card through a conventional card processing machine. To avoid such spams and scams, pay attention while conducting credit card transactions. If you notice anything unusual, report it immediately. Spotting skimming devices at ATMs can be difficult, but it is not impossible. Are there scratches or signs of tampering around the card slot? Does the keypad look strange or too new compared to the rest of the machine? Be cautious and bring these issues to the attention of local authorities.
Tips To Prevent Credit Card Fraud
● Don’t give away your credit card to be swiped when at a restaurant or store. Always observe how it is being used. ● Opt for indoor ATMs and always take a few seconds to review the machines for signs of tampering. ● Go through your credit card statements to avoid spammy/fake charges, and fraud. ● Let your bank know when you move or travel overseas. ● Be careful while punching out your PIN number so that it doesn’t get captured by cameras.
What To Do If You Are A Victim Of Card Skimming Scams? If you feel or notice that you have been defrauded with fake card reading machines, contact your bank immediately so that they can block your card. This will make it difficult for scamsters to access your account using a fake card.
THANK YOU! Prepared by: Vinayak Joshi,
Manager, Money 2.0 Conference https://www.money2conf.com/