What are the Various Types of ATM Frauds? How to avoid ATM Fraud?

What is ATM Fraud?

ATM fraud is when a person uses someone else card to withdraw money without their consent or without their permission.

Recently many case of ATM fraud were reported. Now a days protecting from ATM fraud is not only hiding your pin number while pressing it on keypad.

Cyber criminals have found many ways to do ATM fraud. They are using new ways to rob the card holders.

Some of the common methods of ATM Fraud are mentioned below.

1. Skimming/Card Skimming: In this method cyber criminals steal the electronic data of the card to replicate a fake card of the victim. They install a device in the ATM machine secretly to copy the data from the magnetic strip as well as their pin code.

2. Card Trapping: In this method cyber criminals install a device in the machine’s card holder to steal the ATM card. When the victim will go out to receive help, the fraudster will enter in the ATM and will steal the card.

3. Keyboard Jamming: In this method cyber criminals will jam or block some important keys in the ATM machine such as “Enter” , “Cancel” button so the transaction will go unsuccessful. They will wait to go the victim out to receive help. The Cyber Criminal then enters the ATM to withdraw cash immediately with all the details entered by the victim.

4. ATM Malware/Cash Out/Jackpot Attacks: In this method cyber criminals installs malware in the ATM to take control of the ATM cash dispense system allowing cyber criminals to withdraw money as much they want.

How to avoid ATM Fraud?

• Before using any ATM look out for hidden cameras above the ATM keyboard.
• Look for any external device in the card holder.
• Look for any extra layer attached to the ATM keyboard.
• Don’t use any off looking or suspicious looking ATM.