Common ATM Machine Scams You Need to Know
In an effort to steal people’s identity and money, thieves rig ATM machines. When people use their bank card to withdraw cash, they do not realize that they have just become a victim to an ATM machine scam. For this reason, it is important to warn people to use ATM machines with caution. Here are some common ATM machine scams that take place:
· Card Skimmers
Thieves outfit a skimmer to an ATM machine to steal the bank card’s information such as balance, account number, and PIN number. They place skimmers alongside an ATM, labeling it as card cleaners. This scam works because skimmers are not easily noticeable. Other times, thieves place skimmers beside a card slot along with a sign titled, “slide card here.” Additionally, they place skimmers on top of the card slot. Skimmers can collect and store more than 100 bank cards before they visit the ATM to remove it.
· Wireless Video Camera
Thieves place a wireless video camera inside the ATM machine. The wireless video camera captures the bank card’s number. Once the thieves have the bank card’s number, thieves use magnetic strips to reproduce a bank card. Another tactic thieves use to steal PIN numbers is to design a fake PIN pad and placing it above the original PIN pad.
Thieves use email phishing scams to steal people bank card information. You would be surprised to know how many people fall for these fake email phishing scams, which is why thieves to this day use this technique to steal information. The thief acts as your bank and sends an email, which states you have missing account information that you need to complete. When you click on the link, it takes you to a site that looks like your bank’s site, but it is just a thief with good web designing skills.
What You Need to Know about Investing in an ATM Machines?
Nowadays, people prefer to use their bank card to withdraw cash from an ATM machine so they can make a transaction. It is up to businesses to fulfill their customers’ need to have instantaneous access to an ATM machine. If you are planning to invest in an ATM machine so you can offer your customers’ access to an ATM machine, here is what you need to know about investing in an ATM for your business:
· Space Requirement
If you have a lot of space in your store, opt for a standing unit. If you have limited space in your store, opt for a wall mounted ATM. You can position the ATM outside the center. You can always ask your ATM provider to help you decide on the type of ATM you should opt for based on the available space in your store.
You should choose an ATM provider that offers to deliver and install your ATM machine at your location free of cost. Additionally, look for an ATM provider that offers free ATM repairs and maintenance.
· Cash Management
Your ATM provider should take the responsibility of monitoring your ATM machine and restocking it with cash when cash is low. Before you choose an ATM provide, be sure to ask about their cash management service.
You will generate an income each time a person uses your ATM machine to make a transaction. ATM providers usually deposit cash into your bank account at the end of each month. If the location of your store remains busy most of the time, you have a higher probability to earn more money.
Having an ATM machine will also increase the number of people entering your store. The increased footfall and the daily use of your ATM machine by people combined with the sales you make will increase your revenue.
How to Decide on a Location for Your ATM
Have you recently invested in an ATM machine or are you planning to invest in one soon? The primary reason people invest in an ATM machine is due to its ability to earn them a steady stream of income. However, that steady stream of income they expect to generate each month depends on the location of their ATM machine. The location of your ATM is important and here are some tips to help you find the right location:
· The Type of Location It Is
You need to look at the type of location it is before you decide to choose it as the site of your ATM machine. You have to look at whether it is a bar, restaurant, or a multi-use location. Multi-use locations receive more foot traffic. However, a bar receives more cash. You need to look at both factors before you decide on a location for your ATM.
· The Payment Methods Accepted by Surrounding Businesses
Do not place your ATM machine in an upscale business. The primarily payment method for high scale businesses is not cash. Instead, search for place with a low transaction sum, as their primary payment method is cash and may need to use an ATM machine to withdraw it.
· Location of Other ATM Machines
The only time it makes sense to place your ATM machine at the same location as other ATM machines is when the location receives a lot of foot traffic. For instance, you can place an ATM machine in a store that is close to a hotel.
The hotel also has an ATM machine, but only guest staying at their hotel use the ATM machine. You also learn a lot from hits and misses. If the location you have placed your ATM machine is not working in your favor, remove it and place it elsewhere.