A big initiative of the Independent Community Bankers of South Dakota this year legislatively was achieving approval of House Bill 1050. The legislation, which becomes law July 1st, provides new tools for law enforcement to crack down on anyone in possession of ATM skimmers. Their Executive Director is Megan Olson who says the previous law only required proof there was intent to use the devices to capture customer bank information. She says the new law now makes it felony to own the devices.
Olson says skimmers sold online are getting incredibly sophisticated and that it’s very difficult for the general public to detect them. Community banks are diligent checking their ATM’s daily, using protocols that require the machines be looked at on a regular basis throughout the day but, she adds, customers can help.
Banking locally provides a line of protection for customers says Olson.
Prior to the new law state statue only forbid tampering with the magnetic strip. HB 1050 adds “computer chip” and states an individual cannot access, read, obtain, memorize, or store either temporarily or permanently from a payment device or card without prior authorization. The legislation was supported by the South Dakota Bankers Association, South Dakota Retailers Association and AARP.
(KXLG)