ATM Skimming happens when thieves attach devices onto ATMs in order to copy a credit-or-debit-card number, the information on the magnetic strip and even your personal identification number.
A fraudster can benefit from ATM Skimming by creating a cloned card that can be used in an ATM or at a POS terminal. For using in the POS Terminal, only the magnetic strip info is required, whereas for using in an ATM, the fraudster will need the PIN also.
Thus there are two critical components involved in ATM Skimming : a device on the card-reader slot to obtain the magnetic strip information from the card; and either a camera or a pin-pad device on the existing pin-pad to obtain the PIN.
Continue reading “ATM Skimming – Precautions To Be Taken”