Credit Card Shimming: What It Is and How to Avoid It

“`html

What Is Credit Card Shimming?

Credit card shimming is a method used by identity thieves to steal credit card data. This is achieved by placing a small device on a payment terminal that scans your card’s microchip and stores the information. The data can then be downloaded and used to commit fraud.

Shimming is a common threat, especially at ATMs and gas stations, but there are steps you can take to protect yourself.

How to Protect Yourself from Shimming

Here are five proactive steps you can take to help protect yourself from shimming:

• Use contactless payments: Take advantage of contactless payment methods like Apple Pay, Google Pay, and Samsung Pay.
• Pay inside: At a gas station, pay for your fill-up inside the station rather than at the pump.
• Turn to bank-owned ATMs: Try to use a bank-owned ATM rather than a non-bank ATM. Non-bank ATMs, such as those you might find at convenience stores, may not be as secure as those operated by financial institutions.
• Look for a safer ATM: Crooks tend to install shimming devices in ATMs in poorly lit, less public places. Therefore, you should try to conduct your business at ATMs in well-lit public places.
• Watch the card slot: Pay attention to how easily your card fits into a card reader slot. If it’s difficult to slide your card into the slot, be suspicious. This might mean a crook placed a shimming device inside the card reader.

What to Do if You’re a Victim of Credit Card Shimming

Even if you take the right steps to prevent card shimming, you might still become a victim. Here’s what to do if that happens:

• Contact the card issuer right away: As soon as you’re aware that your credit or debit card has been shimmed, reach out to the card issuer or bank.
• Set up fraud alerts: You have the right to request a free fraud alert through Experian or the two other major credit bureaus (Equifax and TransUnion). A fraud alert asks creditors to verify your identity before issuing new credit in your name.
• Keep an eye on your accounts: Review your credit card and bank statements to see if any suspicious transactions show up.
• File a report with the Federal Trade Commission (FTC): Visit the FTC’s IdentityTheft.gov website to submit a report about suspected shimming.

The Bottom Line

Scammers are always looking for ways to make a quick buck, and one of their favorite methods is credit card shimming. By installing a shimming device at a gas pump, for instance, a thief can steal data from a card’s microchip and then create a fake card. If you suspect you’ve been the victim of a shimming scheme, take action as quickly as possible—it may spare you further distress.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you with all your mortgage needs.

“`