High-tech thieves are getting better at defrauding users of ATMs-meaning you need to be more vigilant than ever about guarding the privacy of your transaction.
Granted, most of the $18 million lost to ATM fraud each year stems from such causes as people writing their personal identification number (PIN) on a card that is later stolen. And federal law limits your loss to $50 if you notify the bank within two business days.
Nevertheless, all bank customers pay for fraud in the form of higher fees. Until ATM security becomes foolproof, here are some common-sense rules to observe:
Don’t write your PIN anywhere a thief might find it.
Conceal the keypad or touch screen with your body when entering your PIN.
Take your ATM receipt with you when you leave.
Finally, make sure the ATM is permanently installed. Incredibly, in a Connecticut case last spring no one realized the machine was fake, though it was sitting on wheels.
