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8/31/2017
10:20 AM
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US Debit Card Compromises Up 39%: FICO

FICO reports an increase in the number of compromised debit cards, ATMs, and point-of-sale devices in the first six months of 2017.

Compromises of ATMs and point-of-sale (POS) devices rose 21% in the US during the first six months of 2017, compared with the same timeframe one year prior. The number of compromised debit cards rose 39% in the same period, reports software firm FICO.

FICO's Card Alert Service monitors ATMs and card readers in the US, and its findings indicate the number of compromises is on pace to set a record high. FICO vice president TJ Joran, who manages FICO's fraud solutions, says the rate of fraud pattern changes has accelerated in the last 24 months.

The spike in card compromise should serve as a reminder to cardholders to use caution when using ATMs. FICO offers the following guidance:

  • If an ATM looks suspicious or your card doesn't enter the machine smoothly, consider getting cash elsewhere.
  • Never approach an ATM if someone is lingering nearby, and don't chat with anyone around the ATM.
  • If your card is captured inside the ATM, immediately call your issuer to report it.
  • If you suspect your card may have been compromised at a merchant or ATM, ask your card issuer for a new number and ask about account alert technology.

Read more details here.

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REISEN1955
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REISEN1955,
User Rank: Ninja
9/1/2017 | 10:28:29 AM
Suggestion for Card Usage
IF you do, like everyone does, card transactions - open ONE, just ONE, card with say a $500 balance limit.  And use ONLY that card for on-line purchases.  That way, IF the card is compromised, at least your exposure is really small and thieves cannot buy a Masserati on it.,
Sammy324
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Sammy324,
User Rank: Strategist
9/1/2017 | 10:40:51 AM
Re: Suggestion for Card Usage
"And use ONLY that card for online purchases."

This! If only more people would know about this. Oh well...
REISEN1955
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50%
REISEN1955,
User Rank: Ninja
9/1/2017 | 2:32:08 PM
Re: Suggestion for Card Usage
I know this is rather basic - and yes card compromise can and will happen so a low limit card can probable be hacked and a high credit limit applied as well.  Still, a good policy in any circumstance.

One word, though, even more frightening ---- PAYPAL.  
Joe Stanganelli
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Joe Stanganelli,
User Rank: Ninja
9/2/2017 | 1:38:13 PM
Debit & Credit vs. Cash
This is why I increasingly pay cash for purchases when practical to do so. Too many skimmers out there... Brian Krebs has got me sufficiently paranoid.
REISEN1955
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50%
REISEN1955,
User Rank: Ninja
9/5/2017 | 3:00:21 PM
Re: Debit & Credit vs. Cash
Cash is always a good alternative, but you have to go somewhere to GET IT and years ago we used to cash our paychecks in a bank with a human being.  Now - direct deposit, debit card, atm and the cycle begins.  How many of us actually DO walk into a bank to withdraw money with a withdrawal slip (remember those?).  
Joe Stanganelli
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50%
Joe Stanganelli,
User Rank: Ninja
9/6/2017 | 7:05:26 PM
Re: Debit & Credit vs. Cash
@REISEN: I think that's why we're seeing people taking "cash back" on debit purchases at grocery stores and pharmacies much more often.

Also, what you point is a very real problem in second-world and third-world countries. At the MIT India Conference, speakers spoke extensively on the real-world conundrum people in outlying rural areas face where they have to walk more than 20 miles each way to get actual cash.
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