Credit card skimming is one of the most alarming crimes of the electronic fund transfer era. It is the process of obtaining the details of a credit card by using an illegitimate card reader, which is called a skimmer. This skimmer is usually concealed behind the actual card reader to record the private information associated with a credit card. The skimmer which is usually designed to store a large bulk of credit card information is used by a corrupt employee to copy the details of the credit card. He/she then sells it online to an accomplice who uses the credit card information for either duplicating fake cards or to use the details of the cards directly in e commerce transactions.
Credit card skimming primarily involves the use of the fake reader device by an employee without the knowledge of the customer or a hidden device like a camera in a credit card terminal could be used to bug the card. The evolution of the technologies has given rise to the smaller size skimming devices which are far easier to conceal. Use of blue tooth devices and fake keyboards to get the PIN used by the users is an increasingly used skimming scheme in ATMs. Formerly prevalent in northern America and Asia skimming has spread to Australia. Australians lose up to 500m AUD per year because of credit card frauds and skimming accounts to almost half of it.
The best piece of advice to avoid being a victim of credit card skimming is to keep the card at sight at all times, trying to examine the credit card reader for any unusual design and to keep a close watch on credit card receipts. Once you suspect of being a victim of a credit card fraud it is imperative that the police be informed immediately along with the credit card issuing organization. The sooner the police acts on the crime, lesser the liability vested with the credit card holder. Thus constant vigilance and faster action is the solution to reduce the risks involved with credit card skimming.
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