CNC3 – Widespread panic was reported today as several Royal Bank of Canada (RBC) customers said their bank cards had been skimmed and thousands of dollars from their accounts had reportedly gone missing.
Skimming refers to the use of fraudulent methods to obtain customer details by “skimming’ their debit and credit cards at point of use, whether ATM or point of sale.
Most commonly the modus operandi involves introducing a mechanism that ‘skims’ – retrieves and records data, off customer cards.
The data is then applied to a counterfeit card by the fraudulent operators and used to withdraw cash or purchase goods or services at point of sale.
The large scale skimming attacks are primarily the work of transnational operators who target a specific country, obtain data and then use the counterfeit cards they are able to produce in foreign countries.
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This could cause customers to lose confidence in RBC and create a run on this bank.
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