How to Protect yourself from ATM Fraud

Your money is one of your most valuable assets. There are plenty of common sense techniques and strategies that you can use in order to keep it safe. One way to keep your money safe is to pay attention when you are using an ATM machine. Criminals have successfully stolen millions from unsuspecting people by using ATM machines as a means of theft. How do you know you are safe when you at the ATM machine?

One way to make sure that you are not being defrauded at the ATM is to keep a close watch on your bank statements and balances. If you notice that there are any discrepancies, you should contact the bank right away. Chances are good that if you have been defrauded that many others have been as well. The sooner you alert someone to a potential problem the fewer issues you will have in terms of money lost and possible identity theft.

The Wall Street Journal has some excellent tips on how you can avoid ATM fraud. One of the biggest things you can do is to not use any ATM that has been acting strange, or is running slower. Experts say that is a telling sign that a machine might have been altered in some way. It is a good idea to just back away and use another ATM.

Criminals also use a process called ATM skimming. Inventorspot explains how the devices are used. Essentially, a tiny computer is placed in the ATM and it records your debit or credit card number as well as any information on the magnetic strip. This allows a criminal to use your information anywhere and even to clone the card. A good idea is to use an indoor bank terminal, or to use another ATM if your card is denied as skimming devices sometimes require multiple reads to get your information.

Gomestic has more common sense ways that you can avoid ATM fraud. A good way to tell if an ATM has been tampered with is to check for loose wires, or any overlays on the PIN pad. Another useful tip is to exercise caution and not allow anyone to help you with your transaction who is not from the bank and to closely guard your PIN number and other information.

ATM fraud is something that affects many Americans every year, yet it can be avoided with some common sense security measures. If something looks wrong or out of place, you should make sure to use another ATM instead. Never let anyone else handle your card and make sure that you are checking your statements for any suspicious activity.