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...
- 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!
- 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!
- Do you know what the lifespan of U.S. currency is? The higher the denomination, the longer it stays in circulation. Both $50 and $100 bills last 9 years. The $20 sticks around for 4 years. $10 bills circulate for 3 years. The $5 bill has a 2-year lifespan, and the $1 bill only lasts around 18 months before being retired. Coins last around 30 years.
- Have you ever wondered who prints the most money? That would be Hasbro, as in the makers of Monopoly. Hasbro prints more Monopoly money in a given year than there is money in the entire world. Each set of the game comes with $20,580. Bet you didn’t know you had that much money lying around the house!
- Paper money is actually pretty heavy. One pound would be worth $454 in $1 bills. That means $1 million comprised solely of $100 bills would weigh over 20 pounds. Those suitcases filled with money in movies must be hefty to lug around all that paper money. If you plan on robbing a bank, you better bulk up!