ATM Fraud: thought you should know

@BYOLA2871 (4376)
South Africa
April 10, 2008 11:00am CST
I read with interest how some smart guys are defrauding people of their money through the ATM .they simply skim their victims’ card by attaching reading devices to to an ATM slot. The skimmer reads the magnetic strip data whenever a card is inserted into the ATM, later they copy the information to the magnetic strip of a blank card or simply sell it to counterfeit card producers. A bank came out with software to combat skimming using a technology called “jitters” This causes a vibration in the ATM card reader,sending disrupted signals to any skimming device thus preventing information from being copied from bank cards, the only snag is that transactions will take 2 to 3 seconds longer with this software but isn’t it better than to loose your hard earned money to these card thieves?
1 person likes this
6 responses
@stephcjh (32385)
• United States
1 Aug 08
I heard about this on the news. These are some very clever folks out there, actually criminals. they will do whatever it takes to get your information and take your funds right out of your bank account. We can never be too safe these days.
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@BYOLA2871 (4376)
• South Africa
8 Aug 08
you are righjt but it is still our duty to protect our details by being as careful as we can,somebody said the best way to outsmart a criminal is to think like they think and take measures against their actions.i guess i agree with that person.
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@o2bnocn (2896)
• United States
11 Apr 08
Thanks for letting us know. I don't use the ATM that often but I will be extra careful for now. It has never happened to me yet and I hope it never does. I remember on one CSI episode someone did that, nick is the one who caught it.
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@BYOLA2871 (4376)
• South Africa
11 Apr 08
you are most welcome thats what we came here to do at mylot get informed so we dont loose out
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@Swaana (1208)
• India
10 Apr 08
Though it have not happenned to me personally yet, I really thank you for sharing this information with all mylotters. Yes it is better to get the money a few mins late than loosing it for ever.
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@BYOLA2871 (4376)
• South Africa
10 Apr 08
you are welcome we are all here at mylot to learn and get more useful information so we not only make more money but also preserve and protect that which we have,thanks for responding
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@dvschic (1796)
• United States
10 Apr 08
i wonder how many of these schemes there actually are, i've heard of them too,but i've never seen them in action or had anyone i know be a victim.. i wonder if it is an urban myth, one guy has it happen and now its an epidemic...
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@BYOLA2871 (4376)
• South Africa
10 Apr 08
i dont think its an urban myth its reality and most banks in south africa are coming out with their own special softwares to combat this fraud,it may not have happened to you but its better to be fore warned so you dont loose out
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@gemini_rose (16194)
10 Apr 08
I know of this and have been lucky in that it has not yet happened to me. I hope it never does. If they could find a way of preventing these thieves from stealing our hard earned money, I for one would not particularly care how long the transaction took!
@BYOLA2871 (4376)
• South Africa
10 Apr 08
i actually posted this just so we are very careful when we use the ATM,its supposed to make our lives simpler but some mischievious guys out there are just out to make life a nightmare for us,i know many banks are also working on various solutions to this advanced fraud system,the time we spend at the atm is no big deal when we consider the safety of our money
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@olivemai (4738)
• United States
12 Apr 08
I have not heard about this remedy! Are all the banks worldwide going to be using it? It certainly is better than losing your money! It seems to me like the victims are not the richest folk, but the hardest working people who really need their money!
@BYOLA2871 (4376)
• South Africa
12 Apr 08
i am not so sure about that but one thing is certain that as new technologies come up its sure to catch on with everyone in theat particular industry,
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@olivemai (4738)
• United States
12 Apr 08
Another way to stop that kind of fraud is to put the ATM inside a locked building, only accessible during certain hours, and to have video cameras in the area where the ATM is located! I have seen this in certain locations, and it seems to work well!
@BYOLA2871 (4376)
• South Africa
8 Aug 08
the truth is that no matter what measures we take these smart alecs will alos come out with other means the best thing to do is to avoid giving out our personal details as much as we can to avoisd unnecessary loss of our hard earned money ,putting the ATM box in enclosed enviroments may not work in some enviroments if you ask me.
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