Credit card skimming is a type of theft where the thief makes use of a device, known as a skimmer and steals the information of a credit card. When your credit card is swiped through the device, the skimmer will steal and store every detail that is on the magnetic stripe of the card. This stripe stores information like the expiry date of your card, your full name, and the credit card number.
Once the information on your card has been stolen by the skimmer, the data can be used in the following ways:
ATMs and Petrol Stations
Restaurants and Retail Outlets
Credit card issuers generally make use of fraud detection technology and can immediately block your credit card if any sign of fraud crops up. However, keep in mind that you may not even know that your credit card has been skimmed until the issuer notifies you regarding the fraudulent transactions.
Once you identify the fraud, you should immediately contact the credit card issuer and request them to block and cut off access to your card.
When your credit card is swiped into a skimmer, the device will read the magnetic strip on your card and also store the credit card number. Your PIN will be stored as well.
Yes, chip credit cards can be hacked, if a thief inserts it into a skimmer. They can then copy data from the credit card.
The code will be transmitted with your account number when you tap to pay. When you swipe a magnetic stripe, payment and personal information will be captured by a skimming device.
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