Protect Yourself from Credit Card Fraud – How to Spot a Skimmer

The credit card skimmer is one of the most interesting tools in the identity theft arsenal. These simple yet surprisingly sophisticated devices are installed in ATM terminals, on gas pumps, in retail stores and many other places where consumers routinely swipe their credit and debit cards.
 
Once the skimmers are in place, they go to work – quietly gathering the information from the magnetic strips on the cards as they are used. At some point the thieves simply return to the scene of the crime, gather up the skimmer and all its information and use the data to create cloned cards.
 
If you have ever found a bogus charge on your credit card statement even though you still had the card in your possession, you might have been the victim of a skimmer. These devices can steal your credit card information in just three seconds. Since the technology is inexpensive and widely available, you can assume that skimming will not be going away anytime soon.
 
Since credit card skimmers are not going away, the best way to protect yourself is to learn how to spot them. Some credit card skimmers are highly sophisticated and difficult to spot, but older and cheaper models are much more obvious.
 
Those older models are often molded out of cheap plastic and hastily installed. As a result, you might notice that the color is off, or that the device is sticking out past the real card slot. If something looks off, you should let the owner of the ATM or device know right away. Financial institutions, gas stations and retail stores all have a vested interest in fighting credit card fraud, and they generally take quick action once they are notified.
 
Another thing you can do is watch your credit card statements carefully. This is the best thing you can do to protect yourself and your money, so go over each new statement with a fine-toothed comb. If you spot charges you do not recognize, contact the credit card issuer right away. The bank can then launch an investigation and hopefully find the source of the bogus charges.
 
You can also shift your credit card use to the new chip and PIN cards. These cards are already being issued, and you may have one or two in your wallet right now. Chip and PIN cards are designed to be much more secure than magnetic strip cards, and once fully implemented they should stop a lot of the skimmers in their tracks.
 
In the meantime, however, even users of chip and PIN cards are at the mercy of retailers. While banks have been quick to issue the new cards, some retailers have been slower. Many major retailers and chain stores have already replaced their old-style credit card readers with new ones designed for chip and PIN, but other stores have not. Until then, your best defense is to keep your eyes open and report any suspicious activity right away.

Photo Credit

Photo courtesy of Ryan Christopher

Guest Author Bio
Ryan Christopher

Ryan Christopher is managing editor for No Identity Theft. After having his identity stolen, he created a blog about identity theft protection so others could learn from his mistakes.

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