As the debit card and credit card grow in the field, which making inroads to consumers where they’d not been held before, therefore there are opportunities to grow into skimming and pilfering. FICO has seen shocking rise and absorption of skimming and other practices designed to separate debit card holders and their funds.
- FICO detected 70 percent more compromised debit cards at U.S. ATMs and merchant card readers in 2016, according to new FICO data
- Compromises of ATMs and merchant devices in the US rose 30 percent, following a six-fold increase in 2015
- The average duration of a compromise fell from 14 days in 2015 to 11
- Cardholders should employ common sense when using ATMs, and check their transactions frequently
- FICO® Card Alert Service monitors hundreds of thousands of ATMs in the US
“As the last few years have proven, skimming technology and knowhow have improved and are more accessible to the general population, so we will continue to see increases in compromises and the speed at which they occur,” said TJ Horan, vice president of fraud solutions at FICO. “With some of the confusion we still have at various POS checkout locations, it’s still important for consumers to be on alert. FICO’s Card Alert Service is dedicated to detecting fraud faster and reporting compromises so our customers can mitigate their losses.”
FICO offers these tips for consumers:
- If an ATM looks odd, or your card doesn’t enter the machine smoothly, consider going somewhere else for your cash.
- Never approach an ATM if anyone is lingering nearby. Never engage in conversations with others around an ATM. Remain in your automobile until other ATM users have left the ATM.
- If your plastic card is captured inside of an ATM, call your card issuer immediately to report it. Sometimes you may think that your card was captured by the ATM when in reality it was later retrieved by a criminal who staged its capture. Either way, you will need to arrange for a replacement card as soon as possible.
- Ask your card issuer for a new card number if you suspect that your payment card may have been compromised at a merchant, restaurant or ATM. It’s important to change both your card number and your PIN whenever you experience a potential theft of your personal information.
- Check your card transactions frequently, using online banking and your monthly statement.
- Ask your card provider if they offer account alert technology that will deliver SMS text communications or emails to you in the event that fraudulent activity is suspected on your payment card.
- Update your address and cell phone information for every card you have, so that you can be reached if there is ever a critical situation that requires your immediate attention.