Have you changed your Debit/Credit Card PINs lately?

March 12, 2013

If you haven’t changed your PINs lately,your money could be at risk. 

Changing your PIN on a regular basis (at least every two months) can go a long way toward preventing thieves from accessing your bank account. 

Pin pad fraudsters can empty your bank account. While the bank will reimburse the stolen funds, the problem is, your account may be empty when the mortgage or rent comes due. Bounced cheques and missed payments can affect your credit rating. 

How do they do it? 

Pin pad fraudsters will steal a legitimate PIN pad and substitute it with a decoy while they install their own equipment into the legitimate Pin pad. The now-altered original PIN pad is then swapped back with the decoy. This PIN pad is now capable of recording debit and credit card numbers and their corresponding PINs (this is called ‘skimming’). 

With this information, PIN pad fraudsters can compromise your accounts at their discretion. It is estimated that skimming costs the economy billions of dollars each year. 

Change your PIN! 

Fraud affects us all. 

Constable Elvin Toy, who works with our Economic Crimes Unit says, “While it’s important to cover your hand while you’re entering your PIN, it’s even more important that you change your PIN regularly. If the fraudsters have your old PIN, your account will be safe.That’s the only way to stop criminals from emptying your account.” 

Click here for more information on protecting your debit/credit cards.