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ATM Skimmers: Top 5 Signs To Look For

March 30, 2010 by Dave Cook · Leave a Comment
Filed under: Prepaid Resources 
Large image of an ATM Photographed inside a Gi...
Image via Wikipedia

We’ve heard increasing reports of illegally installed “skimmer” equipment on legitimate bank ATM’s that steal both the ATM card number and the PIN.   The equipment used to capture your ATM card number and PIN is cleverly disguised to look like normal ATM equipment.  

A “skimmer” is mounted to the front of the normal ATM card slot that reads the ATM card number and a camera is placed nearby to capture the PIN.  Top 5 signs to look for, and how to protect yourself:

  1. A skimmer may be placed over or in the card reader.  Give it a tug to see if it comes off.
  2. Be secretive when entering your pin number.  Cover the keys with one hand in case someone is looking over your shoulder or there may be a hidden camera nearby.
  3. Check brochure boxes, they can have hidden cameras on or in them.
  4. If you see wires poking out, a scanner that does not seem secure, multiple scanning devices, or a sticker that says “Scan here first”, Do Not Use The Machine
  5. Often the criminals who install skimmers stay nearby and “assist” users with their transaction.  They may pose as another customer, or a technician working on the machine.  Do Not Use The Machine if someone offers to help you with it.

Remember, always check an ATM machine out carefully, and if anything seems amiss, use another machine and notify the bank branch of what you observed.  We once had our ATM card and PIN compromised and someone was withdrawing money in Korea.  Fortunately, our bank caught it and we were covered.  I’m sure either my wife or I used a machine that had a Skimmer and Camera set up and we didn’t even realize it.   

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Top 5 Reasons to Replace Checks with Prepaid Cards

March 16, 2010 by Dave Cook · Leave a Comment
Filed under: Consumer Promotions, Employee Incentives, Payroll, Prepaid Resources 

Does your organization have recurring payment or disbursement programs such as:  Consumer Rebates, Customer Refunds, Insurance Claims, Affiliate Commissions, Student funds or Government payments?

Are you still issuing these with paper checks?  If so, you’re wasting time and money.

Use prepaid debit cards instead of writing checks and here’s the top 5 reason why:

5. Much lower issuance and administration cost – Eliminate the cost and time of handling lost or stolen checks

4. Reload the cards anytime online - For recurring disbursements, completely eliminate the cost of mailing a check

3.  Manage your entire program easily with online reporting tools - So much easier than manual processes

2.  Great branding opportunity - Person receiving the funds is now carrying your billboard in their wallet

1.  Get with the program…it’s 2010 not 1965.  People want prepaid cards, not checks!!!

Photo from www.creditcards.com

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Customer Retention: A Real-Life Prospect Scenario

March 9, 2010 by Dave Cook · 3 Comments
Filed under: Consumer Promotions, Customer Case Studies, Prepaid Resources 

Is your customer dam overflowing?  Ever feel like you’re losing customers faster than your gaining them? Today, I thought I’d share an interesting application for Prepaid Debit cards that I’m working with a potential client.

The prospect is a telecommunications company that is in desperate need of a customer retention program.  They currently spend $0 dollars on customer retention because they believe the customer will keep coming back month after month if they wish to keep the service so why throw good money in that direction.  They spend millions of dollars on up front advertising to attract new customers.  So they must have a very high turnover rate as they continually need to push new customers into the system.

Every business needs new customers, especially in this particular volatile industry, but what they are missing is the value of the existing customer.  Some experts will tell you that it is 5 times more profitable to spend money and marketing dollars on retaining existing customers than it is on trying to acquire new customers.  The days of customer stickiness to a given brand are fading and cannot be relied upon to continue.

The prospect company does not make the customer sign a contract, so the business is month to month.  They are struggling with how to get the customer to stay.  Our suggestion is to use a reloadable, custom-branded Prepaid debit card as a perceived contract.  After 6 months of being a customer in good standing they receive the card with a small denomination, say $20.  Then after 12 months of continued service, $50 could be electronically loaded onto the card.  After two years, $100 would be put on the card.  The dollar amounts can vary, but you get the idea.  No contract signed, but the customers are incented to stick around.

Is your company in a similar situation?  Do you have an effective customer retention plan?  Does this spark your curiosity?  Stop the overflow and keep your customers.  Please let me know if I can help.

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