posted 7/30/2014 in Banking

ATM skimming

At Lincoln Savings Bank, it’s our job to keep your money secure, and part of that involves keeping you informed of security threats to your money.  Recently, a new form of ATM device has been discovered in Europe, and is likely to make its way to the U.S.  The device is so small it’s difficult to spot, unlike other ATM skimming devices. This blog will tell you everything you need to know about this new device and potential threats you should look out for. By staying informed on issues like this, you can protect yourself and your family from falling victim to this type of theft.

What are ATM skimming devices?

These devices have been around for a while and are relatively easy to make with the surge in 3D printing devices. Crooks put a device over top of the place where you insert your debit or credit card in an ATM that steals card information from the magnetic stripes. They’re often used along with a tiny camera that captures your PIN number as you enter it. This new, smaller and sleeker skimming device is causing trouble for banks as it is difficult to spot. They fit inside the card reader slot, making most of the device invisible to users. Thieves send the information they gather from these devise to people in the U.S., where it is easier to use since we haven’t universally adopted the EMV chip and PIN card security standard. That means older magnetic stripe cards are easier to recreate than new EMV cards.

What is being done?

NCR (National Cash Register) Corporation has created an anti-skimming tool that blocks the devices that capture card data and lets banks know when threats are observed. Some banks also use cameras that analyze how long people spend at ATMS and alert the bank if people are spending an unusually long time in front of the ATM.

Take precautions when getting money from an ATM. Lincoln Savings Bank urges you to look for anything suspicious, especially anything that sticks out from the card insertion area. It’s also important to keep track of your account activity and alert your bank if there is any suspicious activity.

Lincoln Savings Bank, Member FDIC

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