How to Avoid Fraud at the Gas Pump

Most of us are feeling a bit on edge about gas prices lately. So the last thing you need is even more trouble at the gas pump! But that’s exactly what can happen if you accidentally use a credit card machine that has been equipped with something called a “skimmer” that steals your card number and information.

What is a card skimmer? Crooks can quickly install a skimmer into a credit card machine in just a few seconds. The device fits inside the part where you insert your card, and reads the magnetic strip on credit and debit cards. You might assume that everything is fine, because your gas purchase is processed as usual. But the skimmer has captured your information, and the con artist can use it to create a duplicate card.

Hopefully, you have fraud protection on your credit cards. But that protection can be limited, based upon the circumstances. And debit cards include no such protection in many cases. If anyone gets ahold of your debit card information, your bank account could be drained overnight.

How do you recognize a card skimmer? You might notice the plastic edges of a device sticking out of the credit card machine. It might be loose and wiggly, or display arrows that don’t quite line up correctly.

How to protect yourself from card skimmers. The easiest way to protect yourself from card skimmer is to pay inside the gas station. But sometimes that won’t be an option, or you might prefer the speed and convenience of paying outside. These tips can help you to avoid skimmers:

Choose the pump closest to the building
Use a credit card instead of debit
Glance at the machines around you, and compare with the one you’re about to use
Pull gently on the part of the machine where you insert your card; a skimmer often wiggles or pops right off
If you frequent the same station regularly, use a reloadable gas card from them
Switch to using a chip card, Apple pay, or your favorite gas station’s app
Regularly check your card account for unrecognized purchases

And whether or not you use a card to pay at the pump, monitoring your credit on a regular basis is a great idea for anyone. This will tell you whether new accounts have been opened in your name, and help you keep your identity safe.

If you have any other questions about protecting yourself and your finances, please don’t hesitate to call us.

About the Author: Mark Roberts

In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution. Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies. Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.” Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.

How to Avoid Fraud at the Gas Pump

How to Avoid Fraud at the Gas Pump

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About the Author: Mark Roberts