She's made up her mind to live pretty smart Learned her budget responsibly right from the start She spent a little less in quotes, 4 into savings Keeps her blood pressure low and credit score raises She's gotten it right out of her life She tracks her cash flow on her spreadsheet at night Boring money moves make kinda lame songs, but they sound pretty sweet to your wallet PNC Bank, brilliantly boring since 1865.
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How can I protect myself from bank card skimming?
Thanks for asking. Using an ATM, paying for petrol or shopping at a retail store are pretty routine things that many of us do on a frequent basis, but it's important to be aware of the often invisible threat posed by a criminal practice called skimming which sees fraudsters clone bank cards.
Across the pond in the US, data analytics firm FICO reported a 96 % increase in debit card skimming in 2023, and recent months have also seen prominent cases in the UK.
Let's take a moment to understand what skimming is a little better and go over the best ways in which you can protect yourself.
Is it really possible to clone a bank card?
Yes, and it's disturbingly easy when you really look into it.
A skimmer is a small, discrete gadget that a thief will attach to a card reader at an ATM, petrol pump, or even a store payment terminal.
It is essentially a card reader that fits right over the slot where you insert your card. And such devices can actually copy your cards magnetic stripe data when you swipe or insert it.
Some advanced skimmers even come equipped with tiny cameras or fake keypads to capture your pin number as you type it.
In mere seconds a fraudster can obtain all the information they need to clone your card. Once they have my card details, how do they use them?
Well, they can quickly create a replica of your card and start making unauthorised purchases just like they would with a real bank card, often without you noticing right away.
They might also sell your card information on the dark web to other fraudsters who will exploit it for online shopping or other illegal transactions.
Some criminals go a step further by using the stolen data to drain your bank account through cash withdrawals or transferring funds.
Even if you do quickly notice suspicious activity on your bank statement, recovering the stolen funds can be a slow and stressful process.
Are banks doing anything to protect consumers?
Indeed they have introduced certain measures to protect against these kinds of attacks.
For instance, jammers can prevent malicious devices from working and withdrawal limits are often set much lower than payment limits to offer extra protection.
When using an ATM, always be on the lookout for anything unusual, like a card slot that seems loose, or any other signs of tampering, and when entering your PIN, cover the keypad with your hand.
Generally speaking, an ATM inside a bank branch is your safest bet.
Make a habit of checking your bank statements regularly and contact your bank immediately if you spot any unfamiliar transactions You can also use contactless payments or Pay with your phone to avoid skimming altogether Afterall those methods don't require you to swipe or insert your card to start with There you have it Now you know how you can protect yourself from bank card skimming In under three minutes we answer your questions and help you understand the true meaning behind the trends, concepts and acronyms that are making headlines.
Listen along and you will really know for sure.
