Credit card skimming has become quite common worldwide, with $24.71 billion losses recorded as per the Nilson Report. If you have ever been a victim of credit card skimming, you will agree that these fraudulent attempts cannot be detected easily. You might have noticed cash withdrawals and fraudulent charges in your card details occurring from your bank accounts while still having credit cards in your possession.
How Credit Card Skimming Happens
With technological advancements, the rate of cybercrime has also increased. Criminals use a small device that detects the information of cardholder, including their credit card information. Once a thief succeeds in stealing your card data, they use it to rob all the money available in your account.
When you swipe your credit card through a skimmer, it determines and copies your details that are stored in the magnetic stripe of your card. Your credit card’s magnetic stripe contains your card number, your full name, and your card’s expiration date. Thieves, after stealing this information, attempt to make fraudulent charges with a counterfeit credit card or through online means.
Furthermore, you will find credit card skimmers mostly on gas stations and ATMs; yet, these skimming devices can be placed at any place, which uses a cash device and contains credit card reader. The culprits may also install a small camera near an ATM place to record the customers entering a PIN at a portable cash machine. It will provide the thieves with the details they require for forging fake cards and withdrawing cash from the user’s account.
How to Spot a Credit Card Skimmer?
Usually, credit card skimmers are difficult to detect, especially when placed in an ATM machine. However, you will agree that providing your customers with a safe and secure ATM solution is essential to protect your business reputation. Of course, when consumers would experience credit card skimming at your store, you will lose the majority of customers for not providing secure transactions.
Therefore, it is crucial to integrate substantial security at your ATM place; MOBILEMONEY offers an unprecedented range of cash machines along with unparalleled monitoring services that ensure to protect your ATM machines from vulnerable criminal activities.
How to Detect and Prevent Credit Card Skimming?
An electronic payment systems company in the U.S. revealed that about 46% of Americans had been the victim of credit card skimming in the past five years. It indicates that retail businesses and financial institutions need to improve their commercial networks.
Moreover, the past incident of ATM robberies and credit card skimming in the U.S. have led security departments of banks and credit card issuers to incorporate the newest technology that would help them become better at detecting fraudulent transactions. Not only this, the adoption help them identify the suspicious activity; these institutions do not process the transactions until you verify that you made the request.
Whether you have a restaurant, bar, retail store, or a gas station, you probably use a cash machine to allow your customers to make payments conveniently. However, instead of having an ordinary cash device, installing MOBILEMONEY’s ATM machine is the best decision you can make.
It will not only provide your customers with secure credit card or debit card transactions but also allow them to withdraw cash. Furthermore, your customers will be able to use their credit card for cash advances without any security threat.
The Bottom Line
While detecting credit card skimming is not easy, you can incorporate dependable ATM solutions to provide your customers with secure transactions. Besides offering a secure range of cash machines, MOBILEMONEY offers 24/7 monitoring service that is integrated with modern fintech solutions; it helps detect and prevent ATM thefts and credit card skimming.