It seems like wherever you go, thieves are after your money. Ever since the money went from paper to plastic (ATM cards), robbers and thieves are coming up with ways in order to clone your ATM cards and use it to their advantage. There are various con machines created by them in order to use your information inside your card and use your money.
But lately, con artists have been cloning debit machines that are available for card transactions in stores or anywhere else. They try to clone the magnetic chip in the ATM card so that a duplicate card can be created and used.
So, how can you be alert when your ATM card is being cloned? Read more to find out.
Even after a lot of research, banks couldn't make a way to make the strips inside completely secure from theft.
So, even if thieves have the information on your strip, they wouldn't be able to use it.
But with the invention of these magnetic chips, it passes on the responsibility to the company that designed the ATM cards.
But it could also happen that the company cannot afford to do so and then you're left with a big loss.
That's why retailers are being pressured to install a chip reading system in their debit machines.
Keep a close eye on your bank account details and check for any unusual activity on your card.