The recent arrest of an Ontario man in Halifax charged with various fraud related offences drives home the need to protect your personal financial information.
The Halifax Regional Police/RCMP Integrated Financial Crime Unit charged 22-year-old Volodymyr Zozulya with fraud over $5,000, possession of credit card data, using credit card data, possessing a device intended to forge credit cards, intercepting a function of a computer system and possessing a computer password that enables him to commit the offence of fraud.
Police allege that a man was skimming credit card data from automated bank machines in HRM, specifically targeting CIBC branches. Det/Cst. Dana Drover said skimmers have been known to attach devices to bank machines to capture and record information on the magnetic strip on debit cards.
In some cases, pinhole cameras are hidden near the keypad to record Personal Identification Numbers (PINs). With the information from the card and the PIN, a criminal can get access to bank accounts and make withdrawals.
It’s been estimated that across Canada, losses from debit card skimming exceed $100 million a year annually. Losses to individuals can drain bank accounts and ruin credit histories.
But there are ways individuals can protect themselves from falling victim to this type of crime:
First of all, never share your PIN with anyone. Your number is considered confidential and should be treated that way.
Also examine your bank statements frequently and note any unusual or unaccounted activity. Skimmers will sometimes withdraw small amounts of money from accounts at first then take out large amounts. Notify the bank or financial institution if you suspect someone has tampered with your account. Change your PIN if you suspect someone has accessed your account.
Protect your PIN when using bank machines. Cover the keypad to prevent someone from observing your key strokes or from recording your PIN. It’s a good idea to change your PIN frequently.
If you suspect a bank machine or point of sale device has been tampered with, notify the bank or police. Also notify the bank if you notice any suspicious activity near bank machines.
These simple tips, plus the continued vigilance of police and bank security, will help protect your money from card skimmers.
