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Friday, November 17, 2017

How to protect your bank cards from fraud

The risk of a fraudster accessing your bank account through the card you use at the ATM or a shop terminal is very real.
But there are a few simple steps anyone can take to minimise the risk of people accessing our accounts via cards. Here they are, according to www.macquarie.com.

Check the machine
One of the most common ways a scammer will try to get access to your bank account is at the ATM. This is usually done by installing a ‘skimmer’ over the card reader, which captures the data on your card when you place it into the machine. The scammers then use that data to create a dummy card, which can also be used to access your account.

Skimmers can be extremely difficult to detect. Most are specifically built to blend in with ATMs so you often need to be actively looking for them to notice something is wrong. And, because you will still receive access to your funds even if your card passes through a skimmer, there are few advance warning signs that your account will be compromised.

So before you place your card into the card reader, always check an ATM for any signs of tampering, including scratches and mark; Anything that looks out of place, for instance different coloured plastic around the card slot; Anything that moves when it’s pushed (ATMs are built well and don’t usually have loose parts).

If you notice anything suspicious, report it to the financial institution that owns the ATM and use another machine.
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