13 ATM Scams To Watch Out For and How To Protect Your Account

ATM scams come in all shapes and sizes. Mostly, they target one demographic: The ATM user. While our ATMs are generally safe to use, there’s always the chance that you might be targeted for a particular type of scam that you might not have been aware of. The following are 13 atm scams to watch out for and how to protect your account.

1. Single Transaction Scams

This scam involves a victim who goes through the trouble of withdrawing the maximum amount from their ATM card, only to learn that their card has been maxed-out. It might be tempting for a single transaction scammer to call the victim and tell them about this unfortunate bug in their system. The scammers play on the fear of not being able to withdraw money in case of an emergency, or worse, not being able to pay their rent or mortgage payments at the end of each month.

2. Double Deposit Scams

This scam involves a victim who spends time and effort inserting their ATM card into the ATM, only to learn that the machine has mistakenly deposited their money more than once. Victims are then told to go back to the ATM and cancel these fraudulent transactions. While this seems like a simple mistake, the two transactions could amount to tens of thousands of dollars that could potentially be lost if not caught in time.

3. Card Skimming

Card skimming is another form of credit card fraud which requires criminals to install electronic devices on an ATM in order to record your personal information and PIN when you use your debit or credit card at an ATM machine. This is a more sophisticated type of ATM scam that requires an electronic device to be placed on the ATM’s card reader. Skimming can take place at almost any point of transaction and without notice from the victim.

4. Fake Account Alerts

This scam involves a victim who receives suspicious messages on their smartphone indicating that their debit or credit account is about to go negative for the first time in its history. The scammers play on the anxiety of being responsible for unexpected expenses, which leads to spending money beyond one’s limits. Such scams make it impossible for victims to know whether or not the messages are authentic.

5. Fake Transfer Scams

This scam involves a victim who receives a notification on their smartphone from their bank that they have received an extra amount of money from a third party, which is just too good to be true. The victim is then asked to verify his/her account details so he or she can claim this bonus amount, but when all is said and done, victims do not receive the bonus amount and are charged hefty fees for these transactions. What’s worse? The scammers make it impossible for victims to know whether or not the messages are authentic.

6. Fake Phone Calls

This scam is the most sophisticated type of ATM scam and involves a victim who receives a phone call from someone claiming to be from the bank. The scammers play on the anxiety of being responsible for unexpected expenses or fraud, which leads to spending money beyond one’s limits. Some scammers pretend to be representatives from the bank in order to gain fuller access to sensitive information.

7. Chargeback Scams

This scam involves a victim who receives an alert on his/her smartphone indicating that he/she has been charged twice on his/her account, which is too good to be true. The scammer plays on the fear of not being able to pay for monthly bills or rent at the end of each month.

8. Scammers Retrieve Your Information

This scam involves a victim who receives a notification on his/her smartphone indicating that he/she has been exposed to cyberbullying. The scammers play on the fear of being responsible for unexpected expenses, which leads to spending money beyond one’s limits.

9. Social Engineering Scams

This scam involves a victim who receives an alert on his/her smartphone indicating that his/her personal information has been breached online, and they must change their passwords immediately. The scammers play on the fear of being responsible for unexpected expenses, which leads to spending money beyond one’s limits.

10. Online Payment Scams

This scam involves a victim who receives an alert on his/her smartphone that he/she has won a lottery. The victim is then requested to send mobile top-up and enter an OTP to claim their prize. This scam works best with victims who are financially struggling and may be more likely to fall for this type of scam. Once victims realize they have been scammed, it is already too late as they have already sent their hard-earned money away into the hands of scammers.

11. Fake Payment Verification Emails

This scam involves an email that appears to come from your bank or credit card service provider requesting personal information in order to verify a payment. The addresses of the emails are fake and contain misspellings, which makes it difficult for victims to know whether it is genuine or not.

12. Fake OTPs

This scam involves a victim who is required to press the back button on his/her smartphone in order to prove that he/she has not received any text message asking them to confirm a payment. The scammers play on the fear of missing important messages and giving out their personal information, which could lead them into more scams.

13. Unknown Charges

This scam involves an unexpected charge on your credit card and you are required to enter an OTP into your smartphone. You may then learn that the charge was for a service you do not remember ordering. The scammers play on the fear of being responsible for unexpected expenses, which leads to spending money beyond one’s limits.

How To Protect Your Account

1. Use ATMs in secure areas

Always make sure that you use ATMs in public places, and avoid withdrawing money from ATMs in hidden corners of parking lots or unattended areas.

2. Check for skimming devices when using an ATM machine

Before using an ATM machine, check for any suspicious devices that could be used for card skimming. Do not remove them as it could alert other scammers to your discovery. Instead, report the device to your bank immediately. Also, be mindful of your surroundings when you are inserting and withdrawing cash from the ATM machines. Thieves often use distractions to make ATM users lose track of where their card is being inserted into or taken out of the machines.

3. Report any suspicious activity on your account

If you receive a suspicious charge on your account, immediately make a report at the bank and request that they block access to the card. This may prevent extra fees from being charged to your account.

4. Do not give personal information over the phone

It is unsafe to give away personal information when making purchases online, over the phone, or in person. Remember that scammers might be able to listen in on you while speaking on the phone. If this happens and you are persuaded into sharing bank details, you will not be able to reverse any transactions if something goes wrong. Instead of needing an emergency overdraft, this could lead to issues with rent and utilities payments being shut off.

In conclusion, ATM scams are becoming an increasingly common issue in the Philippines, and you should be mindful of what they are, how they work, and how to protect yourself from them. Always take precautions when withdrawing money from ATMs in order to avoid falling into an ATM scam. Try to be aware of your surroundings when you are withdrawing money from ATMs and do not overspend on your debit card. If ever in doubt, consult with a financial expert regarding your bank accounts.