By Brian O’Connell
His name is Chao, and he became an overnight sensation among financial fraudsters and the global law enforcement agencies for his YouTube Video that laid out the blueprint for perpetuating bank ATM fraud.
Turkish authorities finally caught up with Chao, arresting him in September, 2008, on charges of ATM fraud. But his manifesto lives on and its required reading for anyone interested in protecting their bank account from bank cash kiosk crooks like Chao.
Chao and financial fraud professionals like him have increasingly preyed on ATM users. Anti-fraud investigators say that terms like "skimmer" or a "shoulder surfer" should become familiar with bank card users, citing them as hallmark tactics of ATM card thieves.
So, how big a problem is ATM fraud? According to a recent survey by Javelin Strategy and Research, one-in-four of survey participants say their bank pin numbers had been compromised. Javelin translates that figure into 2.7 million ATM card thefts in the U.S. alone.
What steps can ATM customers take in reducing the risk of ATM fraud?
Keeping scam artists like Chao away from your pin number is just a matter of common sense, alongside a healthy dash of due diligence. Play your ATM transactions close to the vest, and chances are you won’t become the latest ATM fraud statistic.
For more information on identity fraud, click here.
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