ATM Fraud: Know about 7 common ATM frauds
Card swapping
Card Swapping is a sophisticated type of ATM fraud in which a scammer observes you enter your PIN and then utilizes a distraction technique to replace your card with a phony one.
Skimming
Installing a small device called a shimming device on the machine to collect magnetic information from the ATM card.
Shimming
Shimming is an advanced form of ATM fraud in which fraudsters utilize a small, card-sized device known as a shim to extract data from a debit or credit card chip.
Phishing
It is a fraudulent attempt to steal private data such as usernames, passwords, and credit card numbers by acting as a trustworthy institution in electronic communications.
Keyboard jamming
Fraudsters jam ATM buttons, such as the 'Enter' or 'Cancel', causing the victim to experience an issue transaction. Scammers grab the card while the victim departs to seek help.
Trapping
Installing a trapping mechanism that causes an ATM card to become trapped in the machine's card slot. The scammer grabs the card while the victim seeks assistance.
Cloning
Hacking also includes ATM card cloning. Cloning scammers primarily target the elderly, who are less aware and careful about such schemes and frauds.