If you’re using cash to do some quick holiday shopping, watch out when you head to the ATM. Ran Hoth with the Wisconsin Better Business Bureau says consumers need to look for ‘skimmers’ on machines, devices that allow thieves to copy your bank card.
The devices are usually some type of card reader that also has a camera aimed at the pin pad. When you swipe your card, the skimmer copies it and the camera catches you punching in your pin number. Thieves then have access to your account and are only limited by your balance.
The technology results in almost a billion dollars being stolen from consumers each year.
Hoth says there are some key warning signs to watch for, such as multiple card readers that may be present or loose equipment.
If you suspect a skimmer is in place on an ATM, Hoth says it should be reported right away to the financial institution.