Skimming, whether on a handheld device or on a point-of-sale device (like a credit card machine at the checkout line), involves the theft of your credit or debit card information while being used during an otherwise legitimate purchase or transaction.
How Does ATM/Handheld Skimmers Theft Occur?
Skimmers are small electronic devices that can be placed over the card slot of and ATM or handheld credit card device, like those used by waiters. Using a skimmer, a thief can collect your card number and information for later use, simply by having you swipe your card as you normally would. Everything appears normal, but your personal information has just been stolen.
What Is the Cost of ATM/Handheld Skimmers Theft?
With over 400,000 ATM’s located throughout the United States, ATM skimming theft costs U.S. banks as much as $1 billion in annual losses – and the problem is rising. From 2008 to 2010, the number of cases reported to the Secret Service grew by 10% a year.1 Combining both ATM and credit card skimming, the US Secret Service estimates the annual cost to consumers and businesses is $8 billion.2
Information thieves can collect:
- Bank or credit card account number
- Personal name
What thieves can do with this information:
- Identity theft
- Bank fraud
ATM/Handheld Skimmers Statistics:
- Over 400,000 ATM’s located in the U.S.1
- ATM skimming costs U.S. banks almost $1 billion annually.1
- Cases reported to the Secret Service has grown 10% for the past 3 years.1
- Total annual loss of ATM and credit card skimming is $8 billion.2