Are you safe from ATM - Skimming?

Sunday, October 23, 2011

About a year back, I had written in my blog about email Phishing A year later ATM card skimming seems to growing at alarming rate. If you are an ATM user, are you safe and a broader scale, how safe is India?

Though, have been hearing about, ATM card skimming for some time now, was not really bothered to check more about it, since I thought such theft could well be confined to developed economy. But after reading today news paper reporting about 80 people account at Chennai have been hacked through cloning of ATM card, which left their account depleted, my mind radar was inquisitive to know more about the same. Its also disheartening to note that such 'cloned' ATM transaction had even happened at abroad.

The below presentation had clearly brought the technique used towards skimming ATM card.

Interesting, while browsing the web, I came to know that even new technology like 3D printing is used to camouflage the skimming device, so that one would find it very difficult to identify such a device fitted in ATM.

Unlike Phishing, were at least one might have a track record as money is transferred from one account to other account, with 'cloned ' ATM card it would be a challenge from police and bank.

Technology related to money need to evolve over the time and security needs to be made strong, otherwise criminals can get better on the system. ATM being in use for more than a decade now, the security needs to be revisited & improved.

Well, technology can be a boon and at times in turn out to be bane, if not properly put to use.

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