BSP exec gives tips on avoiding ATM fraud

If somebody is standing too close to you when you’re using an Automated Teller Machine (ATM), don’t be afraid to tell him or her to step back.

If you still feel uncomfortable, let the other person go first.

These were among the tips given by the Bangko Sentral ng Pilipinas (BSP) to ATM users to avoid becoming victims in  ATM fraud.

In an executive session with the Cebu City Council, BSP assistant governor for financial supervision research and consumer protection Johnny Noe Ravalo said there are still quite a number of cases of ATM fraud in the country.

“Change your pin regularly, don’t use the same pin on all your cards, memorize your pin and report captured cards immediately,” Ravalo advised.

For 2013, Ravalo said the BSP has recorded 1,718 cases of ATM fraud in the country involving a total P205 million.

According to the BSP, the three most common methods of ATM fraud – skimming, switching and shoulder surfing.

Skimming involves scanning the magnetic strip from the ATM by installing card readers in order to manufacture duplicate card.

“These scanners are being marketed in the Internet as spare parts and takes just three minutes to install. Four or five years ago, it’s very easy to detect, but now it’s just an inch thick. It’s really important to inspect the ATM you’re using,” Ravalo said.

With switching, crooks would drop money and while the victim is busy picking up the money, the thief would then switch the ATM card with another.

In shoulder surfing, scammers stand close to the victim to see his or her PIN and either tries to copy or steal the card.

Victims should immediately call, e-mail or proceed  to the BSP office and file a complaint with supporting documents, the BSP advised.

BSP’s hotline numbers are (02) 708-7701 local 2584 or (02) 708-7088 or e-mail at [email protected].