(InvestigateTV) — According to a recent LendingTree survey, 29% of consumers suspect they have been victims of card skimming.
Matt Schultz, a credit analyst with LendingTree, explained that skimming occurs when scammers secretly install devices on payment terminals to capture data stored on the magnetic strips of credit or debit cards.
Card skimmers have been around for decades but Schultz said fraudsters are constantly coming up with new tactics.
“And it’s tough to deal with because you generally can’t tell that that device is on there and sometimes there will also be a little camera or maybe an overlay on the keypad on that terminal,” he explained. “That helps the bad guy capture your pin information too. And if that is done then that basically gives them free rein with that card information once they have it.”
The survey found that about 60% of skimming victims reported experiencing the scam at gas stations.
Scammers typically use stolen card information to make online purchases or produce counterfeit credit cards, allowing them to drain victims’ accounts. According to the FBI, skimming costs financial institutions and consumers more than a billion dollars every year.
“Generally speaking, you’re probably going to be able to get that money back,” Schultz said. “But it may take a little bit of time and even if it takes a day or two, that can cause some real issues if that money isn’t there when your bills come due.
To avoid falling victim, Shultz recommended several tips:
- Use gas pumps closest to the attendant, as those are less likely to be tampered with.
- Pay inside or use contactless payment options like Apple Pay or Google Wallet.
- Check the pump panel to make sure it’s closed and sealed.
If it looks like it may have been tampered with, alert the gas station and drive away.
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