What You Need to Know
• The U.S. Secret Service reports a rise in skimming devices that capture bank and government benefits card information.
• In 2025, the Secret Service removed over 400 illegal skimming devices, indicating a significant increase in such scams.
• Skimming costs financial institutions and consumers more than $1 billion annually, according to Secret Service estimates.
The U.S. Secret Service has identified a growing threat from skimming devices that capture account details and personal identification numbers from bank and government benefits cards. These devices can be quickly attached to card readers and ATMs, collecting data each time a card is swiped. Secret Service analyst Vince Porter indicated that a single skimmer could potentially yield up to $1 million in stolen funds. In 2025, the agency removed over 400 skimming devices, which represent only a small fraction of those in operation. A CBS News investigation revealed 32 active federal probes across 15 states, highlighting the increasing prevalence of this crime, which costs financial institutions and consumers over $1 billion each year.
Why It Matters
The rise in skimming devices poses a significant risk to consumers and financial institutions, as these scams are often perpetrated by organized crime groups from various regions, including Eastern Europe and South America. The Secret Service has observed a marked increase in skimming activity over the past two years, correlating with the growing sophistication of these criminal operations. The financial impact is substantial, with losses exceeding $1 billion annually, underscoring the urgent need for enhanced security measures at card terminals and ATMs.
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