Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Have you been 'skimmed'? - credit card fraud explained

 Comments
Have you been 'skimmed'? - credit card fraud explained
Euronews logo
Text size Aa Aa

Albina, from Geneva, asks what ‘skimming’ is and how she can protect herself from it.

Laurence Binther, of Europol’s European Cybercrime centre, explains that ‘skimming’ is the theft of data from a credit card’s magnetic strip.

Binther continues: “Fraudsters use special electronic devices – placed on payment terminals, ATMs and automated fuel dispensers – to capture the data cards’ magnetic strips, which is then easily falsifiable.

“Since the introduction of Chip and PIN in Europe in 2010 banking transactions in the EU have been authorised via the Chip instead of the magnetic strip.

“The main problem for banks and European consumers, is what is called the migration of fraud. That is when the data contained on the magnetic strip is used by criminals in regions where Chip and PIN is not yet in place – for example in the US, Latin America, Asia and Africa.

“Criminals then use European banking data to create counterfeit cards, or clones, that they use for fraudulent withdrawals or purchases outside the European Union.

“Until Chip and PIN technology is in place globally, some European banks have opted for a so-called ‘geo-blocking’ solution. This limits the use of their credit cards and means transactions outside the EU can only be validated at the express request of the card holder.”

If you would also like to ask a question on Utalk, click on the button below.