We may be moving to a cashless economy, but sometimes you need to have cash in your wallets. And if you are using a cash machine to withdraw some of your hard-earned cash, there is a new scam you need to be aware of.
The deception sees criminals stealing card details and drain bank accounts in a matter of minutes. Victims report that their cards have been retained by ATMs, and that machines have been swallowing their payment devices before a message appears on the screen saying the service is ‘unavailable’.
Fraud rates for cards in the UK rose by 42 per cent in the final quarter of 2021, the highest rate seen since 2017, according to the National Fraud Hunter Prevention Service.
Brean Horne, personal finance expert at comparison site, NerdWallet, is warning current account users to be extra vigilant when withdrawing money at an ATM machine.
Brean said: “These thefts are being achieved by a discreet device being placed over the card slot of the machine, which scans the card details, transmits the data to the criminal, and then blocks the card from being returned. Fraudsters have several ways of cleverly accessing your current account and spending your money within minutes. So it’s vital to remain vigilant and take preventive measures to safeguard yourself while using an ATM.
Brean goes on to highlight what you should do if you are a victim of current account fraud, along with five precautions to take going forward when withdrawing money.
- If you suspect…
