What is Card Skimming and How Can I Protect Myself From it?

Created 2 years 128 days ago
by RitaP

Categories: categoryAsk The Banker
Views: 1988

by James Kelley

What is Card-Skimming and How Can I protect Myself from it?
Card-skimming is an illegal activity that involves the installation of a device in a credit or debit card scanning machine, usually undetectable, that secretly records personal information from a credit or debit card magnetic strip. The fraudster uses the collected data to steal funds from the target’s bank account or credit line. There are several ways to detect card-skimming and to prevent information from being stolen. First, it is important to inspect the area for hidden cameras or signs of tampering with the terminal. Secondly, setting alerts on each account that would notify the account holder of suspicious activity is a great way to monitor personal information. Finally, it is important to report any suspicious activity to your credit card company or financial institution immediately.

What Type of Credit Card Options Do Small Business Owners Have?
Small business owners have a wide variety of options when considering the usage of business credit cards. It is important for small business owners to consider the specific business terms, conditions and benefits of each credit card option and compare those options to the current credit needs of the business. Generally, there are two popular choices when considering credit card options: Corporate Credit Cards and Rewards Credit Cards. The corporate card option enables the decision makers to monitor the number of transactions made by each card and set spending limits. The rewards card option provides rewards points for dollars spent that can be redeemed as benefits to the cardholder.

Answers provided by James Kelley,Vice President, Commercial Lending at Simmons Bank. He can be reached at 314-854-4502 or james.kelley@simmonsbank.com. The views in this article are those of James Kelley individually and do not reflect those of Simmons Bank.