Credit card skimmers: A silent threat to your financial security
Credit card skimmers: A silent threat to your financial security
In our digital-first world, credit card fraud has become a major concern. Among various types of fraud, skimming remains a particularly dangerous threat. Here's what you need to know to protect yourself.
What is credit card skimming?
Credit card skimming is a form of fraud where criminals use devices to capture card information from ATMs or point-of-sale terminals. The FBI reports that this practice costs consumers and financial institutions over $1 billion per year, according to Experian®.1
Skimmers read the magnetic stripe on your card when you swipe it at an ATM, gas pump, or other point-of-sale terminal. The device captures your card data, which can then be used to create counterfeit cards or make unauthorized purchases.
Credit card fraud is widespread and growing:
- 52 million cases of credit card fraud were reported last year.2
- Card-not-present fraud accounted for $9.49 billion in losses in 2023.3
- Account takeover attacks increased by 354% year-over-year in 2023, resulting in almost $13 billion in losses.4,5
Protecting yourself from skimmers
- Inspect the card reader: Check for loose, crooked, or damaged parts before using.
- Use EMV chip technology: When possible, use the chip reader instead of swiping.
- Monitor your accounts: Regularly check your statements for unauthorized transactions.
- Use ATMs in secure locations: Bank ATMs are generally safer than standalone ATMs.
- Enable transaction alerts: Set up real-time alerts for card usage.
ProtectMyID®: Your shield against fraud
While personal precautions are crucial, having additional protection provides peace of mind. As an AAA Member, you have complimentary access to ProtectMyID® Essential Legacy, which offers:
- Credit monitoring from Experian®
- Experian® credit report (upon enrollment)
- Identity theft insurance up to $10,000 (Premier members only)
- Lost wallet protection
- Fraud resolution support
Take action now
As an AAA Member, you already have access to these powerful protection tools at no additional cost. Don't leave your financial identity vulnerable to skimmers and other fraudsters. Activate your complimentary ProtectMyID® Essential Legacy service today by visiting AAA.com/IDTheft.
Remember, in the fight against fraud, proactive protection is your best defense. Take advantage of your AAA Member benefits and secure your financial information now.
1 https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-scams-and-crimes/skimming
2 https://www.security.org/digital-safety/credit-card-fraud-report/
4 https://pages.sift.com/rs/526-PCC-974/images/Sift-2023-Q3-Index-Report_ATO.pdf
5 https://www.aarp.org/money/scams-fraud/info-2024/identity-fraud-report.html