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Do you know what ATM stands for? For crooks, it stands for A Thief’s Moneymaker.

A new report from FICO says that “skimming” crimes have made their biggest spike in the past 20 years. This includes ATMs on bank premises, but of course, public ATM kiosks have seen the biggest spike.

The thief tampers with the ATM’s card receiver; the installed gadget collects card data which the thief retrieves later. “Skimming,” as this is called, also refers to capturing the PIN via a hidden camera.

With the stole

Ever hear of a crime called skimming? It may not be as dramatic a crime as assault or Ponzi schemes, but it can cause significant problems to you as your  savings account can be wiped out in a flash.

Picture a scrawny nerd tampering with an automated teller machine (ATM)—the machine you use with your debit card to get cash. The thief places a device over the slot through which you slide your debit card. You have no idea it’s there. You swipe your card, and the device “skims” or reads your card’s

Reg. E ( specifically 205.11 Procedures for resolving errors
) as those in the business who know like to call it is, in short, the law gives
consumers protection and certain rights regarding claims of fraud and/ or
errors on their bank accounts.

When this provision was first
established, it was a victory for the honest consumer because some banking institutions
may have made it incumbent upon the consumer to prove they did not commit the
fraud reported in their accounts resulting in denial of their cla