ATM card fraud: Here's how to spot and avoid a card skimming device
A large-scale ATM fraud was busted in Kolkata after approximately Rs 2 million were siphoned off in recent weeks. Investors need to be watchful to avoid falling prey to such frauds Personal Finance News : Recently, a gang based in Kolkata duplicated a large number of ATM cards , robbing more than 80 people of their money. Although it’s nothing new, you should be aware of such scammers who use ATM’s to steal from you. A device called a skimmer is installed in the card slot of the machine. When the card is inserted in the slot, this device captures the card details. A camera installed somewhere above the number pad, captures the ATM pin . These details are then used either to clone a card, which is used to withdraw money from ATMs, or the details are used to shop online. If the ATM pad seem different from the usual, it is possible that the ATM machine has been tampered with. If the card reader seems loose or wobbly or protruding outward, tug it outward to see if there is ...