These days protecting yourself from ATM fraud means more than covering the keypad as you enter your personal identification number (PIN). just as technology continues to evolve financial scammers update their methods accordingly. From big data breaches to seasonal fraud such as tax scams, it can be hard to keep up with the latest schemes.
TYPES OF ATM FRAUD:
This type of ATM scam involves a skimmer device that criminals placed on top of or within the card slot. To record your PIN number the criminals may use a hidden camera or an overly that covers the original PIN pad. Using the card numbers and PIN’s they record, thiefs create duplicate cards to withdraw money from consumers account.
This is the latest update to skimming. Instead of reading your card number criminals place in Shimming device deep inside the ATM to record your cards chip information. The end result is the same as Skimming because they use the stolen chip data to create cloned versions of your debit card, i.e double version of your debit cards.
This scam targets multiple accounts from the same financial institution. Armed with a hacked bank employees credentials, a 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 involved gaining physical access to the inside of the machine.