The Credit Union Times reports that ATM experts are predicting an explosion in magnetic-stripe card fraud in 2014. This may be due in part to the impending arrival of EMV (also known as chip-and-PIN) debit cards. The fraudsters might be going on a last-minute crime spree before the new cards come out.
The article says skilled criminals are able to attach a skimmer to an ATM in less than a minute. These devices are often undetectable to most consumers. Skimming is a scam where thieves attach a card-reading device over an ATM’s card scanner. The scanner records your banking information and a camera is hidden above the ATM, recording your PIN number.
What can you do? Your best bet is to be very watchful when withdrawing money from your bank’s ATM. If something looks strange about the machine, don’t use it, and immediately alert a bank representative. If you’re even a little uncomfortable, go to the bank teller to make your transaction.
Says the Credit Union Times, “… criminals will put their skills to use before the rollout of EMV debit cards, which most experts see gathering steam in 2015 when liability shifts await non-EMV compliant terminal operators per Visa and MasterCard edicts…Note, however, ATMs have their own later deadlines. Visa’s deadline for ATMs is October 2017. With MasterCard the deadline is 2016.”