Avoiding ATM Frauds

ATM Machine
Unsplash

ATMs are a convenience and so much more. In recent years an increase has been observed in banking and ATM card frauds. New techniques have been devised by fraudsters to rob customers off their savings. Among these card skimming, eavesdropping and card trapping are the most prominent. We are here to tell you more about these frauds. These warnings can alert you, you’ll save yourself from becoming a victim.

 

 

People getting skimmed and their accounts getting cleared has been reported often. When you get skimmed, another person gets access to your information, your debit card details, etc. This is usually done by a skimming tool planted in the ATM machine or a camera that may be placed at the top of the keypad. Sometimes a person may be standing behind your shoulder to get the information. This information is then used to clone your card. That person can easily access your account to take whatever he wants to.

 

 

ATM attacks coming from the network have greater possibilities of disabling the security on ATM endpoints. Physical intrusion requires unprotected machine so the attack can be effective. In some other cases, the malware has additional capabilities, for example, turning the network off and other new advanced features. In addition to this, fraudsters apply measures to avoid stand-alone members of the criminal gang to victimize more ATM machines on their own. The lack of trust between developers and money mules triggers more difficult malware. ATM physical attacks are committed with the objective of gaining access to cash and other important information that is in the ATM safe or in the security enclosure.  The common methods include ram raid and explosive attacks.

 

 

In eavesdropping a criminal installs a foreign device on an ATM machine in order to capture data from a customer’s card. This is done by a wiretap which sniffs the functionality of the card reader or connects to a magnetic read head that’s within the card reader. The notable feature of any eavesdropping device is its ability to make use of legitimate card reading functionality.

 

 

In cases of card theft, perpetrator obtains your card when you’re in the ATM or when you exit. Card thefts are reported more in areas which are dimly lit and are less likely to have traffic. Card trapping is another common kind of card theft. You should know that Lebanese Loop is the most popular method of card trapping. This device commits fraud by exploiting the ATM machine. It is designed to enter the card entry slot of the ATM card reader in a way that it doesn’t prevent the owner from entering their card. However, it prevents the ATM card reader from ejecting or returning the card back to the owner. When the owner is sure the ATM card has been captured or swallowed by the machine and eventually leaves, the perpetrator removes the trapped card. Algerian V trap is another variant of card trapping.

 

 

In card swapping the actual card is replaced with another identical looking one. This is a method of distraction which is performed when the consumer’s card is being returned of turned out to the consumer after a transaction has been made at the ATM. PIN compromise methods can either be very technically sophisticated or relatively easy like shoulder surfing. In shoulder surfing the perpetrator stands close enough to the consumer to know the numbers being entered by you on the keypad. He can also use a miniature camera to transmit the image of the PIN being entered. Often, he can store the recording within the device itself.

 

 

While it’s true ATMs in isolated places or at dimly lit areas shouldn’t really be used, we’ll also advise you to be careful when there are people surrounding you. This is true of business events especially. You’re unlikely to find any isolated spots there yet you can be a victim. Business events often hire mobile ATM services to influence and increase their cash sales. This is done so as to increase their customers. But remember you’ll find many people at any business event and you may not be knowing all of them. On the off chance you happen to access the ATM services, be more cautious of ATM frauds.

Similar Articles

Digital Transformation in Banking: Key Aspects

The digital transformation which refers to the integration of digital technologies, data, analytics, etc. intending to ameliorate processes and business results, has been making a lot of noise, especially in the banking sector.

Cloud Computing: Key Benefit for Finance Industry

The financial sector is among the most complex in the world owing to not only the sensitive nature of the data involved but also because of the countless factors that play an important role in its successful operations.

8 Compelling Reasons Why the Finance Industry is Moving to the Cloud

In the wake of the global pandemic, the BFSI sector has realized the benefits of adopting a cloud migration strategy to better serve customers and stay ahead of the competition. 

Money growth

The last year has been challenging for people working in loads of different professions. Those who deal in finance and investments have not been immune to the struggles and strains that the Covid-19 lockdown has caused.

Business Loans Without Security

Growing a business is the dream of every entrepreneur but it is not as easy as it sounds. If you aspire to take the business to new heights, you need to have funds in hand. You cannot drive business growth if you do not have enough funds to spend towards the long term goals. 

5 Obstacles to Prepare for When Buying a Short Sale

A short sale can be an excellent way to purchase a home at a lower price than the current market value. The process of purchasing a short sale home is different than that of a typical traditional home sale.

finance

Making budget estimates, and then keeping a tab of the expenses to ensure that nothing goes overhead, and everything is within the estimated budget, is a tricky job for the accountant. There is no doubt about the efficiency of your accountant, he can do the needful even with a pen and paper

Essential Steps for CPA Firms to Take During the Coronavirus Crisis

With a blink, the coronavirus has degraded the functioning of the whole world along with businesses and firms. The industries and firms are closed with the aim to further protect their employees from the pandemic but there is still hope. Many of the CPA firms are still into business and technology is playing a crucial role here.

First Step to Road Trip, Get the Car

Most adults have three specific goals they would like to achieve in their life: Have a family, buy a house for that family, and buy their dream car. All three of these goals require dedication and planning in order to achieve them, and most especially that of buying your dream car.