As financial fraud continues to rise nationwide, credit card skimmers are increasingly targeting the financially vulnerable. The FBI estimates that card skimming costs consumers and banks approximately $1 billion annually. In fact, last year alone, debit card skimming grew by a staggering 96% compared to the previous year.
Authorities are reporting a rise in card skimming and EBT fraud, urging individuals to remain vigilant and take preventive measures. The Washington State Department of Social and Health Services recently noted an alarming surge in EBT skimming fraud, estimating that EBT recipients lost around $5.5 million over the past two years. Similar warnings have been issued in Virginia, New York, and other states in response to the increasing prevalence of card skimming and phishing scams.
While card skimmers are adept at stealing data, EBT cards typically require a PIN number for transactions, making it more challenging for scammers to obtain sensitive information directly from the machine. However, scammers may use phishing tactics such as setting up hidden cameras or sending fraudulent texts to obtain PIN numbers.
To protect yourself from falling victim to card skimming scams, it’s crucial to remain cautious when using electronic payment devices. The Federal Trade Commission (FTC) recommends checking for loose card readers, changing your EBT PIN regularly, staying vigilant for phishing attempts, and monitoring your account balance regularly. Additionally, be on the lookout for any signs of tampering or discoloration between the body of the machine and the card reader.
Remember, if you suspect that a skimmer may be in use, refrain from swiping your card and alert the store manager immediately. Contact the police and inform your local department of social services to report any fraudulent activity. By staying informed and proactive, you can help protect yourself and others from falling victim to financial fraud.
For more tips and information on safeguarding your financial assets, stay tuned to Extreme Investor Network for the latest updates and insights on all things related to finance and investment. Stay informed, stay safe, and stay vigilant against financial fraud.