For your small business purchases, you may rely on a credit card for convenience and to keep a record of your transactions. However, you may eventually need cash, if only to take care of small expenses. A convenient and generally safe method of getting money is through an ATM with your cash card. Just be careful of getting skimmed.
Skimming is when thieves attach hidden devices onto ATMs that automatically capture banking information from your card’s magnetic stripe. They then use the data to steal funds from your accounts. Because of the larger potential bank balances, some thieves target business accounts at banks known for their small business clientele.
To protect yourself when you use an ATM, wriggle both the card slot and the keypad. If it feels loose or crooked, don’t use the ATM. Check to see that the color of the plastic around the reader and the keypad match the rest of the ATM. If they don’t, the ATM may have attachments. Make sure your card slides smoothly into and out of the card reader. If it jams or has problems going in and out, it may be due to an unauthorized device.
Look for small pinhole cameras that may be aimed at the keypad. Crooks use these to record your pin numbers. The camera may be in a fake speaker, bank logo, or stack of brochures. Cover the keypad with your hand as you enter your pin. Finally, check your bank account regularly after you use an ATM to make sure there are no spurious charges. If you find any, contact your bank right away.
For more information on dealing with small business finances, please contact us.