How to protect yourself from this ATM card scam

I suggest reading the whole article at the following link:

http://www.cbsnews.com/news/how-to-protect-yourself-from-this-atm-card-scam/

Sept. 7, 2015

Card skimming is the practice of installing "skimmers," or clandestine card readers, into ATMs. Card skimmers read your card number at the same time as the ATM. Combined with a pinhole camera that allows your PIN to be identified as you type it in, these systems allow criminals to steal your debit card information, create a fake card, and empty your account.

Worse still, losses are only capped if they are reported to the bank quickly. According to federal law, losses are capped at $50 if reported within two days and $500 if reported within sixty days when your card is lost or stolen. The same rules apply with a fraudulent card, but some banks can balk at replacing the cash since you cannot always prove that the use was fraudulent.

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Card skimming technology has drastically improved over recent years, evolving into undetectable skimmers that fit inside the card slot. Crude faceplate skimmers still exist, but sophisticated skimmers are now readily available as completed assemblies. For an investment of a few thousand dollars, a criminal can be in the card-skimming business in no time.

How can you protect your card from being skimmed and your account from being drained? There are a few relatively simple steps you can take.

Use ATMs Strategically - The new devices may be sophisticated, but it still takes time for crooks to install them. It is best to use ATMs that are in full public view as much as possible, preferably with nearby video monitoring to guard against skimming tactics.

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Protect Your PIN - PIN protection is the key. A skimmer can discreetly get your card number, but they cannot get your PIN without some recording or observation method as you type it in. Covering the PIN pad with your hand as you type is the simplest method of protection.

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