Credit Card Skimming
Credit card skimmers are devices that latch onto legitimate credit card readers and steal the information off of them. When you swipe your card at a store or an ATM, the skimmer reads your info, too, and stores it so that the thief who placed it can come back and collect all of those names and numbers. These skimmers fit so cleanly over the actual card reader that you might not even know that it's there, especially if you're unfamiliar with them.
Skimmers rely on the magnetic strip of a credit card for its information thievery, which is why the move to chip cards recently became mandatory. Unfortunately, because of backwards compatibility issues, our cards still have the magnetic strip. So now they have all of the weaknesses of the old cards, plus all of the weaknesses of using signatures alongside PINs, plus all the weaknesses that the chip cards have.
All in all, your credit card is just sort of bleeding information left and right, and there's not an awful lot that you can do about that.
Did you know...
- There are over 1.6 million automated teller machines around the world. And that really does mean the entire world. There are even two ATMs on Antarctica at McMurdo Station operated by Wells Fargo. Friday is the most popular day that ATMs are used worldwide, and the average withdrawal is around $80.
- Once you've handled all your money, you should probably wash your hands. Money is some of the dirtiest things that we own. In fact, it's been found to be dirtier than a household toilet! During flu season, the virus can live on a bill for up to 17 days. That's just plain disgusting!
- It's an understatement to say that the odds when playing the lottery are not in your favor. You are statistically three times more likely to die in a car accident while driving 10 miles to buy a lottery ticket than you are to actually win. Even more astounding, over half the tickets in an average lottery draw are bought by only 5% of the participants.
- The most expensive hotel room in the world (the Royal Penthouse Suite at the Hotel President Wilson in Geneva, Switzerland) costs $83,200 a night. That's $58 per minute for a stay! Good thing it has 12 bedrooms, 12 baths, a wraparound terrace, a Steinway piano, and an assigned private staff (including a chef)!
- Want a money saving tip? Ditch credit and debit cards, and stick to carrying around cash. Studies show people spend between 12 – 18% more when using a plastic card as opposed to when paying for things in cash. If you physically have to dole it out, you’re much more aware that you are spending your hard-earned money!