As we enjoy our summer travels, it is also important to be aware of threats to our financial peace of mind. Paying with a credit card or retrieving cash at the ATM are certainly conveniences, but be wary of potential skimmer scams.
According to the FBI, skimming occurs when devices illegally installed on or inside ATMs, point-of-sale (POS) terminals or fuel pumps capture card data and record cardholders’ PIN entries. It only takes seconds to install a skimmer device, fraudsters may seek to distract store clerks.
Criminals use the data to create fake payment cards and then make unauthorized purchases or steal from victims’ accounts. It is estimated that skimming costs financial institutions and consumers more than $1B each year.
Being the victim of a skimmer scam is unfortunately common, but not unavoidable.
By using the tips in the graphics below, you can pack your caution alongside your other necessities and spend your vacation having the fun you've planned.
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