What is SKIMMING? As defined by INVESTOPEDIA
An electronic method of capturing a victim's personal information used by identity thieves. The skimmer is a small device that scans a credit card and stores the information contained in the magnetic strip. Skimming can take place during a legitimate transaction at a business.
There have been news of people being victimized by ATM skimming where they lose all their money deposited in their ATM. A policeman even lost his whole life saving. This is quite alarming since many of us use ATM because of the convenience it provides. This is a reality and we must try to protect ourself from this risk.
Here are suggestions that would minimize the effect of skimming on you just in case you become a victim.
1. Put the bulk of you savings in PASSBOOK account.
2. Use a separate debit card for internet and electronic purchases.
3. If your company deposits your payroll to an ATM account, immediately withdraw most of it and transfer to your passbook account
4. Enroll in internet banking.
5. Open several accounts in the same bank
Items 4 and 5 are very important to mitigating the impact of skimming. If you enroll your accounts in internet banking, you can transfer the amount you need to your ATM accounts that are designated for a particular use. This way, even that ATM account has been "skimmed", the amount that will be stolen is limited to what you will transfer. Normally, what you will only need for a day.
Thing is, most of our phones now are equipped with mobile data. You can transfer money using your mobile phones while in the car. WARNING though, NEVER USE internet banking while being connected to a wifi internet that you do not own. The best is to use your own and do it in a secluded area away from people who may be monitoring your internet activities.
Protect your life savings. Mitigate the risk of skimming.
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