ATM Skimmers Article Example | Topics and Well Written Essays - 250 words

ATM Skimmers - Article Example The device is used for reading the magnetic strip of the ATM card; when the user passes the ATM card through the slot, unknowingly. These devices are usually used together with a miniature camera; that is attached to the ATM, and is used for reading the pin of the user. Another ATM skimming technique entails the criminals using a keypad overlay, which is similar to the legitimate ATM keypad, below it. When the customer operates the ATM machine, the fake keypad overlay is pressed, and the fake keypad records and wirelessly transmits key log details of the entered PIN. The device or devices illegally installed on the ATM are also referred to as skimmer (Hassibi, 2010). Recently installed ATMs have a picture of the genuine slot and keypad. This will effectively enable the consumers to detect attached foreign devices. The consumers should report detection of foreign devices attached on ATM to law enforcement officers or the financial services provider. Financial regulators must strive to minimize ATM skimming, so as to minimize financial losses and legal suits by affected consumers. This can be done through applying sophisticated algorithms to study the patterns of fraud. Financial services providers must also ensure the physical and technological security of their ATM