Cash Trapping? Skimmers? The Sneaky ATM Fraud!

ATM frauds happen most of the times these days because nowadays the old tricks like the matchstick trick, sleek trick to the pouch and glue stick trick have become outdated. It’s in vogue these days that the identity thieves steal your ATM PIN number or account number using remote devices. These thieves fraudulently try to access cash from the machines and have so many new ways to get money from you in just a few seconds. ATM frauds distract you from keeping a check on your ATM’S and because of these scams have so many victims in the country. While talking about the data, it says that around 546% jump in ATM skimming has taken place between 2014 and 2015. With an approximate idea, the stats reveal that the estimated money lost in the ATM skimming comes out to be $2 million every year.

You will not get to know how these clever thieves are planning to hamper your normal day to day life. Basically, these ATM thieves use card data and your ATM PIN to capture your money. There is one device that is fixed near the slot where you swipe the card and reads the magnetic stripe which is there on your card along with your account number. The ATM security is broken with this activity and you never know the thief’s friend is remotely accessing your bank details through a laptop in his car.

ATM Fraud

These thieves grab your credit card or debit card fraudulently and the purpose behind it could be buying things without paying for it or to acquire unofficial money from the accounts. Credit card fraud is also another form of identity theft where the thief grabs the information without tipping off the card holder. If you are lazy in complaining about the lost cards, then not only your money will be lost but you may even fall a victim of identity frauds. Many of the banks have 24 hours helpline telephone numbers to reassure quick reporting.

Real ATM theft scams:

1. The Lebanese Loop

At times a thief inserts a blocking device in the card slot through which he traces your card number and by the time you are busy operating the ATM, another member of the gang notices while you enter your PIN number. When you leave the ATM, the thief jumps in and takes the blocking device out of the card slot and notices all your card details and take away all the cash using your PIN number.

2. Card Skimming

Skimmers are devices that are used to capture your card and account details including your PIN number. These devices are often fixed on the side part of the ATM machines and carry a tag written “card cleaners” on it. At times there is a skimmer slot made on the ATM which reads “slide card here first” which can actually be used by people unless they are aware of these tricks.

3. Shoulder Surfing

In the case of shoulder surfing, you never know when the thieves can fix a camera inside the ATM and record all your activities including your PIN number. You will be unaware about when your money will be stolen until it is too late.

4. Cash Trapping

While you insert your card, your cash will be trapped by a sleeve device. This way your transaction will be operated in an ordinary way but you will not get the cash from the machine. You will surely think that the ATM machine is not working and you might report this event to the bank. After you leave, the thieves will surely walk in and withdraw your cash.

5. Phishing

Many times you notice that your inbox gets emails to update your account. While you click on the link and follow the directions, you fill up your details but you are directed to a site that looks same as that of your bank’s site. Those sites collect all your necessary information and use it against you to withdraw your money.

ATM Fraud

How to protect yourself from ATM theft?

1. Never share your ATM PIN number with anyone.
2. Use the same ATM machines so that you can recognise if any changes are made to the machine.
3. Never take help from strangers while facing trouble with the cash withdrawal.
4. Never leave the machine without fully cancelling the transaction.
5. Visit your account for details on a regular basis and if you find anything fishy, immediately contact your bank.

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