Scam of the day – May 18, 2014 – New ATM threats

As long as there have been banks, there have been bank robbers because, quite simply, as one famous bank robber once said, “because that is where the money is.”  It should therefore come as no surprise that many thieves have focused much of their attention on ATMs where they have physically installed devices called “skimmers” to steal the information contained on the ATM cards when inserted.  Other types of skimmers are often fit over the keypads to steal the PINs.  However, although this manner of theft is still quite effective, the use of higher tech methods for gaining access to ATMs is gaining favor with even more sophisticated thieves who have obtained jobs with companies that do technical support for the ATMs and through this access manage to install malware that will transmit card and PIN data electronically to the thieves.   Other thieves are using standard phishing tactics to trick bank employees into downloading malware on to their computers that in turn provide access to the computer systems that control the ATMs. Recently this has enabled thieves to increase the limit on ATM withdrawals thereby enabling the thieves to get more money from the ATMs.  With many banks still using the flawed Windows XP software this problem will be multiplying.

TIPS

So what can you do to protect yourself?  The first line of defense is to always check the particular ATM you are using for evidence of tampering such as loose fitting pieces in the slot where you insert your card.  This could be evidence of the installation of a skimmer.  However, the best thing you can do is probably to regularly monitor your account balance online so that if you become a victim of identity theft due to an identity thief getting access to your account through an ATM, you can limit the damage and report it to the bank immediately.  It is not very comforting to know that no matter how careful you are, banks with less that appropriate ATM security put you in jeopardy, but that, unfortunately, is a fact of modern life.

Scam of the day – January 23, 2013 – Skimming at Aspen Colorado bank

Today’s scam of the day comes from Aspen Colorado. I just returned from a vacation in Aspen.  Aspen is a great place to visit anytime of year.  Unfortunately, while I was there, identity thieves were also there judging by the uncovering of a skimmer at a local bank’s ATM.  As regular followers of this blog are aware, skimmers are small devices that can be attached to ATMs so that when you believe you are inserting your ATM card into the ATM, you are actually also inserting it into the skimmer that reads the information on your card and make it easy for identity thieves to use that information to gain access to your bank accounts.  Often skimmers are used in conjunction with small cameras that watch and record as you input your PIN into the ATM.   Although this latest skimming incident involved a bank ATM, skimmers  have also been installed on gas pumps as well as  other devices through which you insert your credit card for a financial transaction.

TIPS

Trust me, you can’t trust anyone.  Before you use an ATM, look for signs that may indicate that it has been tampered with, such as glue, tape or even if the card reader does not appear to be terribly secure.  When you input your PIN, cover the pad with your hand so that a disguised camera will not be able to read your card.  Be particularly wary of ATMs in vacation spots, because they are favorite hunting grounds for identity thieves.  If possible use an ATM that is inside a bank where there is less of likelihood that the machine has been tampered with.  Finally, make sure that you constantly monitor your account so that you can recognize immediately if unauthorized charges have been made from your account so that you can report the theft to the bank immediately.