Archive for the ‘Banking’ Category
Skimming scams: How to prevent crooks from stealing your money at the ATM
Skimming scams: How to prevent crooks from stealing your money at the ATM
Thieves don’t need sticky fingers anymore to take your hard-earned cash. They’re getting your ATM to spit it out for them. And they’re doing it a rate that might make hiding your loot under the mattress is the smartest move you can make.
ATM skimming, in which crooks gain access to the PIN encoded on the magnetic stripe of your debit or credit card and withdraw at will, is going to be one of the top forms of fraud this year, according to a BankInfoSecurity report published in Consumer Reports.
It was last year, too. Remember that RBS WorldPay debacle in which hackers made off with $9 million by withdrawing from ATMs worldwide at the same time? And, according to BankInfoSecurity’s report, officials in Maryland, Illinois and Georgia are investigating skimming schemes that have netted at least $120,000 from consumer’s accounts.
Robert Siciliano, the security consultant to Intelius.com and a frequent TV guest expert, offers up some tips on keeping your money yours when you withdraw it from a machine. The number one rule, he says, is don’t feel safe.
“Recognize that this is a major problem that will keep getting worse before it gets better,” says Siciliano.
The following should be practiced at all times when you approach an ATM. Your savings depend on it.
• Scan the machine to look for any devices on the face of it where you slide your card through. If anything looks out of place, says Siciliano, “grab it, pull on it, see if you can pull the face of the card slot off. If it’s protruding, chances are it’s an ATM skimmer.”
• Look for small wireless cameras that are hidden. “If there’s a brochure holder protruding from the face of the ATM machine, see if there’s a camera in there. It could be recording your keystrokes.”
• Watch out for a side view mirror that looks out of place. Mirrors are required by law so you can spot if someone is peeking over your shoulder, but an extra mirror can re-reflect your key strokes into the eyes of a thief.
• Be mindful of disguised gizmos, such as an apparent stereo speaker that actually serves as a camera or mirror for the crooks.
• Like a poker player protecting his hand, cover your PIN and type with your free hand to prevent spying. “Ninety-five percent of the time you’re going to be in good shape,” says Siciliano.
He also recommends checking your statements online at least once every few weeks (more often is better) to ensure that you’re not stuck with the debt. Many credit card companies put you on the hook if fraud is not reported after 60 days. Some banks charge you debit card withdrawals after just a week of being undisputed, he said.
Withdrawing from ATMs at convenience stores and other unregulated places also poses more risk, he said, because the owners and others have access to pin codes and can sell them or take out the cash themselves.
But one convenience store owner took issue with the warning
Tips on buying a bank-owned home
Tips on buying a bank-owned home
With more and more “distressed” (foreclosed) homes up for sale, a bank-owned home may be the way to go if you are 
considering buying a house.
But experts say buying from a bank is very different than buying a home from an individual. With that in mind, here are some expert tips on how to buy a bank-owned home.
One key thing to keep in mind is that banks have lawyers. Lots and lots and lots of lawyers. And, they use them. A lot.
If you are thinking about purchasing a foreclosed property that is owned by a bank, now is not a good time to go it alone. You need a lawyer. A good lawyer. Heck, if you can afford it, maybe two good lawyers. Banks really know how to write a good contract…..for them! You need some good legal firepower on your side to help even the score.
Which brings us to Realtors. Like anything else, there is a learning curve when it comes to knowing how to deal with bank- owned real estate. You don’t want to be doing business with a Realtor with training wheels. Get someone who has been down this road a few ( make that a few hundred maybe?) times.
RealtyTrac even has a pretty good primer on its website on what to do when buying bank-owned property — a checklist, in fact.
One key thing to keep in mind, the checklist reminds us, is that bank-owned, foreclosed properties are usually sold “as is.” If you don’t do your research, and lots of it, whatever money you may save buying the distressed property may end up distressing you even more when you find out you have to pump a lot of your hard-earned and borrowed cash into fixing up the place.
One other thing to keep in mind: The bank wants to get the property off its books as fast as possible. Try and negotiate with them. Go for it!
Charles Feldman is a journalist, media consultant and co-author of the book, “No Time To Think -The Menace of Media Speed and the 24-hour News Cycle.”