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Could you spot a fake ATM?

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Can we let you in on a little secret? Crooks are trying to get into your bank’s system and steal your money.

 

Unfortunately, this is not new news for anyone. Although the sophistication of our fraud prevention systems has improved, the fraudsters have evolved as well. And their methods are increasingly audacious.

 

One examples of this boldness happened at an ATM in Brazil. When a customer put in his card, entered his pin, asked for a printed balance and the transaction failed, he knew he smelled something fishy and alerted the police. When the authorities arrived, they removed a fake machine face that covered the bank’s entire authentic ATM machine, complete with a battery-powered computer, card skimming device and a 3G connection for transmitting the card information back to the fraudsters.

 

Do you think you could spot a fake ATM? Though this method sounds sophisticated, what ticked off the customer was a single misspelled word on the screen. With all the attention on making sure this complicated setup worked, the crooks forgot to check one of the things even a child would notice: grammar.

 

Although fake ATM machines raise some eyebrows, the majority of fraud involves home computers. This is a shift from a few years ago, when almost all fraud originated from credit card numbers.

 

There is a myriad of ways criminals will try and take your money. But you are far from powerless when it comes to protecting yourself. Continue to educate yourself, stay alert and – whether it’s a grammatical error on an ATM screen or fishy looking website – watch out for those red flags.

 

Adapted from an article by Banc Investment Daily.

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Guest Tuesday, 02 September 2014