Skimming and Scamming

Ways to Protect Yourself from CheckCard Fraud
     Automated teller machines (ATMs) and check cards are seen everywhere today. Most cards come standard with a Visa or MasterCard logo, and can be used with either your signature or by entering your personal identification number (PIN). With the convenience of these cards comes the risk of fraud, and like credit cards or checks, it is important to protect the security of your CheckCard.

WaterStone Bank would like to alert you to a new and growing threat towards ATM and CheckCards, called skimming.

Skimming occurs when a device is inserted into an ATM machine by individuals intending to capture confidential information stored on the magnetic strip of an ATM, credit, or CheckCard as it is inserted into an ATM machine. Many times a camera is also used to record customer keystrokes in an effort to obtain the corresponding Personal Identification Number (PIN) as a customer performs an ATM transaction.

Here are some steps you can take to help prevent CheckCard fraud:
  • If you have a WaterStone Bank checking account, take advantage of our free six month trial of Identity Guard.
  • Review your bank statements upon receipt and report any suspected fraud immediately.
  • Utilize WaterStone Bank’s Consumer Internet Banking and/or 24-Hour Telephone Banking to periodically check your account activity, and compare the activity to what you have listed in your transaction register.
  • If your card is lost, stolen, or misplaced, report it immediately.
  • If you do not recognize account activity, or suspect fraudulent activity, report it to WaterStone Bank immediately.
  • Memorize your PIN number; avoid choosing PIN numbers with personally identifiable numbers that others can guess such as your phone number, birth date, address, or social security number.
  • Do not give your pin number to anyone over the phone, via e-mail, or online.
  • Do not use an ATM that looks suspicious or appears to have been tampered with, and be sure to report suspicious ATM’s to WaterStone Bank as soon as possible.
  • Mark through blank lines on your card receipts, for example, the tip section, to avoid additional charges being added after the initial transaction.
  • Keep your receipts so you can verify and confirm all purchases and amounts; when discarding, be sure shred or destroy your receipts.

What is being done to prevent this new threat to ATM machines?
  • New machines are built with the card reader deeply embedded into the machine.
  • Slots on machines are being designed to make it difficult to attach skimmers.
  • New technology called "jitter" forces the card to move back and forth, and at different speeds while being read to prevent skimmers from reading the information.
While it is important to be aware of the steps you can take to avoid theft and fraud, be confident that WaterStone Bank is here to help protect you. In addition, the Electronic Funds Transfer Act (EFTA) was designed to protect consumers from losses through CheckCard fraud if reported in a timely fashion.