What is card skimming, why ICICI Bank debit card and credit card holders must be alert about ATM card skimming

Debit Card Skimming: The recent bank fraud case where at least 9 ICICI Bank account holders lost a substantial amount of money because of the "card skimming" activity according to the bank's own statement given to Zee Business, is a wake-up call for the bank and the customers to be extremely careful about how they use their debit cards and credit cards. ICICI Bank cards in all cases carried EMV chips - as has been mandated by the Reserve Bank of India (RBI) - which were considered to be very safe until these episodes happened. The incidents have occurred in Mumbai and FIRs have already been launched with respect to the frauds.

What is card skimming: For the sake of awareness, we tell you what "skimming" is and how to be cautious to avoid any such eventuality.

Skimming is an act of stealing information through the magnetic strip on the debit cards and credit cards that are used at bank ATMs and merchant establishments. When your confidential data from a credit/debit/ATM card is stolen by fraudsters by reading the magnetic stripe on the backside of the card, the action is called skimming.

How is the debit card and credit card data stolen:
To steal data, a small device called the 'card skimmer' is installed in the card slot of ATM's or merchant payment terminals. The device scans the card details and stores its information. A tiny strategically positioned camera may also be used to capture the PIN.

As the customer enters his PIN in the ATM machines or POS machines, the wireless skimming device transfers the data to the fraudsters. This information is then used by the fraudsters for online shopping or to make counterfeit credit/debit cards.

How to Avoid Card Skimming - Tips:

-- Stand very close to the ATM machines and cover the keypad to prevent any view of the card pin.

-- Do not carry a transaction on suspicion of an unusual or strange thing. Report immediately to the banks as well.

-- If you notice some resistance while entering your cards in the card slot, immediately discontinue the transaction

-- Never disclose your pin or confidential card details with anybody

-- While, the banks have now linked transactions with your mobile number, it is still a good practice to regularly check your accounts

-- Avoid taking help from strangers while carrying out any transaction

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-- Always press the 'Cancel' button after your transaction is over