For tips on your banking success, just ask Alex, our expert banker. Explore where to purchase and sell Bitcoins. Learn how bank alerts can work to protect you against fraud and overspending. What are “skimming devices” and how are they being used by criminals in today’s world?
Question: Do the banks buy and sell Bitcoins? – Andrea from Venice Beach, California.
Answer: Bitcoin is a cryptocurrency that is used all over the world to buy merchandise anonymously. Since they are not tied to any country or subject to regulations, it is an easy and cheap method of making international payments. Bitcoins are stored digitally on a smartphone or computer and cannot be purchased or redeemed by traditional financial institutions. The most popular place to buy bitcoins is through a “bitcoin wallet” called Coinbase. It is directly connected to the bitcoin exchange which make the buying and selling process convenient.
Question: How do bank alerts work? – Spencer from Coeur d’Alene, Idaho.
Answer: Bank alerts are customizable emails and/or text messages that alert the customer of what’s going on with their account. Alerts can be set up through the online and/or mobile banking app and the service is generally free. There are several alerts to choose from. The most common alerts include when a debit card purchase occurs, when the account balance drops below a specific dollar amount, and when there is a large ATM withdrawal. Bank alerts are used to minimize overdraft fees, fraud and overspending.
Question: What are skimmers? -Lynn from Missoula, Montana.
Answer: Skimming devices are used by criminals to capture data from a debit or credit card. They are small hidden devices that are generally found attached to ATM or gas pump station readers. When a customer insert their card in the machine, it reads the magnetic strip. That information is stored and later used by the thief to print fake cards or make online purchases. In addition to skimming devices, criminals often use hidden cameras to capture the cardholder’s personal identification number (PIN). With both the card number and PIN, the crook creates a duplicate card which is used to withdrawal cash from any ATM and drain their victim’s checking account.
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 15th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
