Fraud, by the so called “skimming” method, is rapidly increasing. Skimming means that the swindler copies the card’s magnetic strip and PIN code without the cardholder noticing. This can happen both at ATMs and at card terminals at points of retail. When you pay with a card abroad, there are several things to bear in mind:
- The most important rule is to NEVER let anyone go off with your card when you pay. Ask to go with them if they need to go to another room.
- When withdrawing cash from an ATM, don’t let anyone see your PIN code.
- Be vigilant if the ATM looks a bit strange, it may mean that is has been rigged.
- Regularly tally off your card transactions against purchase and withdrawal receipts.
- Always keep an eye on your bag and remember that swindlers are drawn to areas with lots of tourists.
- You should immediately cancel your card if you lose it.
Dynamic Currency Conversion
Many European countries have a service called “Dynamic Currency Conversion” which means that you can pay in Swedish crowns at the point of sale. The conversion rate is decided by the retailer’s own bank, who always charges a high currency conversion fee. You’ll always get the choice of whether to use this service or not.
FOREX Bank recommends that you always pay in the country’s local currency because this service is usually much more expensive.