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Dominican Republic among the worst affected by skimmer fraud

Skimmer fraud, or the use of electronic devices to steal from automatic cash machines, is a huge problem around the globe. While the devices have existed for many years, they have developed quite considerably over time and are now smaller and have more memory.

The Association of Chartered Certified Accountants and Pace University in the United States recently released a report that identified the many ways in which skimmer scams are proliferating, noting that in 2011 the average loss from skimming crime was US$50,000, up by US$20,000 from the previous year.

The US was ranked number one in the world in terms of financial losses associated with skimming fraud in the first six months of 2011, followed by the Dominican Republic, Russia and Brazil.

There are 2.2 million ATMs worldwide, and this is expected to rise to more than three million by 2016. North America has the largest ATM market in the world, with approximately 425,000 ATMs.

To prevent skimmer fraud, bank customers are advised to use one hand to cover the keypad while entering their PIN and to be careful of criminals “shoulder surfing.” It is also important to regularly monitor accounts, financial statements and credit reports to be alerted to any type of identity theft.

The report also recommends that banks ensure that ATMs have ample lighting and good visibility. They also should install cameras with sufficient memory to store video recording suspicious activity at ATMs. And, they must ensure that technology is installed to alert them when criminals are fitting overlay devices.

Source: DR1, PNJ.com

February 11, 2015

Category: DR News |

  1. Samson

    No mention of what the banks can do about it. Surely there is an answer to this crime.

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Last updated December 5, 2016 at 5:41 PM
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