ATM users beware: avoiding the hidden trap button can prevent card withdrawal issues.
Headline: Expert Tips to Prevent ATM Fraud Amid Rising Cybercrime in Financial Transactions
In a time when cybercrime is on the rise, it's essential to prioritise cybersecurity, especially when it comes to financial transactions. According to recent statistics, the volume of stolen funds reached an alarming 15.8 billion rubles in 2023, highlighting the importance of being vigilant when using bank machines (ATMs).
Professor Vadim Vinogradov, Dean of the Faculty of Law at the Higher School of Economics, emphasises that users often create vulnerabilities for fraudsters due to common mistakes when using bank machines. To prevent ATM fraud, experts recommend several important tips and highlight common mistakes to avoid.
Expert Tips to Prevent ATM Fraud:
- Cover your keypad when entering your PIN: Hidden cameras or onlookers can capture your PIN, so shielding the keypad with your hand is crucial.
- Use cardless ATMs or contactless transactions: Cardless ATMs accessed via a mobile app or contactless card payments reduce the risk of skimming devices capturing your card data.
- Choose secure ATM locations: Prefer ATMs inside bank branches or in high-traffic areas, which are less likely to have skimmers or jackpotting devices installed.
- Be vigilant for suspicious devices: Look for unusual attachments on the card slot or keypad, which could be skimmers or card trapping devices. Avoid machines where the card slot looks bulky or damaged.
- Avoid distractions and maintain distance: Be wary of people standing too close or offering unsolicited help near ATMs, as this may be a tactic to observe your PIN or commit theft.
- Sign up for fraud alerts and enable two-factor authentication (2FA): Many banks offer text alerts for suspicious activity, and 2FA adds an extra security layer for account access.
- Report immediately if fraud is suspected: Blocking affected cards and notifying your bank promptly limits potential losses.
Common Mistakes to Avoid:
- Ignoring surroundings or failing to cover the PIN: This exposes you to PIN theft via cameras or shoulder surfing.
- Using suspicious or isolated ATMs: Machines in poorly monitored areas or outside bank branches are more vulnerable to fraud devices or jackpotting attacks.
- Falling for scams that request remote device access: Legitimate banks will not ask you to install software or give remote access to your phone or computer.
- Using public Wi-Fi for banking transactions: This increases the risk of your data being intercepted by criminals.
- Neglecting password strength and two-factor authentication: Weak passwords and lack of multi-step verification make accounts easier to breach.
In summary, prevent ATM fraud by using secure ATMs (preferably cardless or inside banks), always covering your PIN, staying alert to suspicious devices or people, using strong account security measures, and promptly reporting any suspicious activity to your bank. By following these tips, you can help protect yourself from becoming a victim of ATM fraud.
- As cybercrime in the banking-and-insurance industry continues to escalate, it's crucial to leverage technology and cybersecurity to fortify financial transactions, following the expert tips to prevent ATM fraud.
- In the realm of finance, where cybersecurity is paramount, Professor Vadim Vinogradov underlines that avoiding common mistakes, such as ignoring surroundings or failing to cover the PIN, can help in thwarting ATM fraud.
- By implementing measures like covering the keypad, choosing secure ATM locations, and employing two-factor authentication, one can mitigate the risk of falling victim to cyberattacks and fraudulent activities in the technology-driven banking and finance sector.
