In the contemporary world of payment cards, insert skimmers have become a widespread method of fraud. Many cases of fraudulent practices are regularly detected across the globe. To be protected, comprehensive knowledge of these devices is necessary. This essay will examine the functioning of insert skimmers, discuss how prevalent their use is, and focus on the general means of protection against frauds.
The Use of Insert Skimmers and Their Prevalence
The principles governing skimmers are simple and worth discussing as a part of the protection preparation. Skimmers are devices attached to legitimate payment terminals and serve to capture account information (Scaife et al., 2018). As magnetic stripe cards have no inherent protection from duplication, skimmers can copy information and create an analog with the same data as the originals (Scaife et al., 2018). When criminals obtain a counterfeit card, they use them to purchase goods or withdraw cash until the card is declined. The frequency and volume of this fraud continue to grow because the number of ATM uses rapidly increases. Scaife et al. (2018) provide the statistics of cheating prevalence: “Such fraud is projected to reach over $30 billion by 2020” (p. 1). Without reliable methods of identifying the presence of skimming devices, society is relatively defenseless.
Methods of Protection Against Skimming Devices
Although skimmers are nearly invisible to the untrained eye and special tools for their detection are rare, ordinary individuals can protect themselves if they follow specific suggestions. Useful pieces of advice are to look for signs of a skimmer, pull on the card reader, as well as use a smartphone skimmer-scanning app, EMV card, and cash (Scaife et al., 2018). Compliance with the mentioned rules may reduce the chances of being deceived by fraud. Thus, it is highly recommended not to neglect adherence to them.
Conclusion
The use of skimmers is the standard method of fraud, which incurs substantial financial losses. Skimming devices duplicate account information from the cards magnetic strip and create a copy for fraudsters. Such practice is frequent, and any withdrawal even at a familiar ATM carries potential risks. It is essential to know the principles of skimmers functioning and methods of their detecting. Only following reliable advice may prevent fraud and protect a card holders security.
Reference
Scaife, N., Peeters, C., & Traynor, P. (2018). Fear the reaper: Characterization and fast detection of card skimmers.Open proceedings of the 27th USENIX Security Symposium. USENIX. Web.