Unfortunately, within the first 6 months of 2017, the number of compromised ATMs and point-of-sale devices jumped 21 percent, in comparison to the first 6 months of 2017, according to data from FICO. The number of compromised credit cards increased to over 39 percent! Experts also took note that there was an increase in gas pump skimmers. Additionally, most fuel merchants have not switched over to chip-enabled processors. Experts are urging credit card users to be cautious at the gas station. Our team at WSCE, your currency exchange in Villa Park, has created a list of tips to help you protect your credit card at the gas station.
The Switch To Chip-Enabled Terminals
In 2018, fraud should decline as a result of the switch to the EMV cards, however, this is not the case at gas stations, which for the most part have not converted to chip-enabled terminals. Unfortunately, gas stations were supposed to make the switch in 2017, however, major card processors pushed the deadline to 2020, due to the cost and complexity of the switch-over for fuel merchants. This means swiping at the gas pump will remain risky for some time.
Gas Pump Skimmers
Experts believe that gas pump skimming is on the rise. According to the National Association for Convenience Stores, over 37 million Americans refuel every day. 29 million of these Americans are paying with a credit or debit card at the pump. When skimming occurs at a gas station, it will usually take place at only one specific pump. A single pump with a skimmer will capture data from 30 to 100 cards per day!
Tips To Protect Your Credit Card
There is no foolproof way to spot a skimmer, however, here are some suggestions from experts:
- Before you insert your card at a fuel pump, take a good look at the card reader. Wiggle the card reader to see if it’s loose. If something seems of move on.
- Choosing to pay inside the gas station with cash or a credit card rather than the pump is also a great alternative.
- Choose the pump that is closest to the physical building.
- Consider paying or withdrawing cash with your digital wallet
- Use your credit card issuer’s fraud alerts and check your statements often.
Our currency exchange in Villa Park is open evenings and weekends so that you can take advantage of our retail financial services. Cash your check to have cash in your wallet when you need to get gas. You can also purchase a Pre-Paid Visa Debit Card at any WSCE location. Click here to learn more about the retail financial services at our currency exchange in Villa Park.
