{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/what-is-skimming-of-credit-cards\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/what-is-skimming-of-credit-cards\/","headline":"What is Skimming of Credit Cards?","name":"What is Skimming of Credit Cards?","description":"Your credit card is a key to a secure vault that can grant you access to the benefits it holds. If some intruder creates a duplicate key without your knowledge, this can allow him access to your vault, and he can help himself to your valuables. These days, convenience is intertwined with vulnerability. While using...","datePublished":"2024-03-12","dateModified":"2024-03-12","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/#Person","name":"Vinayak","url":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/1-20.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/1-20.jpg","height":300,"width":795},"url":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/what-is-skimming-of-credit-cards\/","about":["Manage your Finance"],"wordCount":1070,"articleBody":"Your credit card is a key to a secure vault that can grant you access to the benefits it holds. If some intruder creates a duplicate key without your knowledge, this can allow him access to your vault, and he can help himself to your valuables.These days, convenience is intertwined with vulnerability. While using a credit card has added several layers of convenience, it has also made people prone to financial losses. This is where a card skimmer comes into the picture.So, what is the purpose of card skimming, and how can you avoid it? To understand these aspects, continue reading.Card Skimming ExplainedCard skimming is a form of digital theft that targets the information stored on your credit card’s magnetic strip. Much like a high-tech pickpocket, card skimmers use covert devices to copy the sensitive data from your card when you make a seemingly routine transaction. These devices are often discreetly placed on legitimate card readers, such as gas pumps, or POS terminals, making them difficult to detect.Once your card information is skimmed, you may not know what kind of financial threats you would face from cybercriminals. Here, the magnetic stripe, which contains your card number, name, and expiration date, becomes the key to access your funds.Credit card skimming emphasises the importance of vigilance and awareness in safeguarding your financial assets while using different credit card features. By being aware of the methods employed by skimmers, you can take proactive measures to safeguard your financial information.What Happens After Your Data is Stolen Through Credit Card Skimming?The aftermath of falling victim to credit card skimming can be financially stressful. Here’s a glimpse into the alarming possibilities that may unfold once your credit card data is stolen:\u25cf     Identity theftCybercriminals, once armed with your card number, expiration date, and full name, can lead to identity theft. They may open fraudulent accounts, apply for loans, or engage in other activities that can severely impact your credit score and financial reputation.\u25cf     Unauthorised transactionsThe stolen data also enables criminals to make unauthorised transactions, such as online shopping, cash withdrawals, etc. on your behalf. These transactions can deplete your funds and leave you grappling with the aftermath.\u25cf     Counterfeit card creationSkimmers can also use the card information to create counterfeit credit cards. These fake cards can be used for in-person transactions, which can further complicate the process of tracking down the perpetrators.How to Spot a Credit Card SkimmerHere are some tips to help you identify and avoid falling victim to these hidden devices:Before inserting your credit card, give the card reader a quick visual check. If anything looks unusual, such as loose parts, mismatched colours, or an ill-fitting card slot, it could be a sign of a skimmer.Skimmers are often attached externally and may not blend with the machine. Look for any signs of tampering and check if anything seems out of place.If the card reader feels loose, it could indicate the presence of a skimmer.Steps You Should Take If Your Credit Card is SkimmedDiscovering that your credit card has been skimmed can be unsettling. However, taking corrective actions quickly can minimise the impact. Here\u2019s what you should do:Report the incident to the bank or credit card issuer immediately.If you’ve confirmed unauthorised activity, request to freeze or cancel your compromised card to prevent further unauthorised transactions.If you suspect that your PIN may have been compromised, change it immediately.Scrutinise your credit card statements for any transactions that you didn’t authorise. Report these discrepancies to your bank promptly.Apply for IndusInd Bank credit cards so that you don\u2019t have to worry about credit card fraud anymore. This is because IndusInd bank credit cards come with a \u2018Total Protect\u2019 plan which insures the cardholder against any unauthorised transactions. With this feature, you are eligible to be compensated for amounts up to your credit limit. Plus, the complaint window is 48 hours long.\u00a0 To know more, click here. To learn more about the credit card features and apply now, click here.Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.Share This:"}