Two men are accused of skimming debit card information from ATM locations throughout the Florida Panhandle to steal more than $11,000 from victims.

The Santa Rosa County Sheriff’s Office says it was first alerted to skimmers being placed on local bank ATMs last Wednesday.

Investigators would learn two individuals had used at least 44 counterfeit cards to withdraw over $11,000 from several locations in Okaloosa and Santa Rosa counties.

“During that time period, it was reported to us that approximately 700 cards were skimmed at various locations,” the sheriff’s office said in a release.

According to the FBI, skimming occurs when devices illegally installed on ATMs, point-of-sale (POS) terminals, or fuel pumps capture data or record cardholders’ PINs. Criminals use the data to create fake debit or credit cards and then steal from victims’ accounts.

It is estimated that skimming costs financial institutions and consumers more than $1 billion each year.

Video surveillance and other information led investigators to identify the suspect vehicle and a traffic stop initiated. As a result, 47-year-old Zmfir Nitu and 41-year-old Irinel-Vasile Irimia were taken into custody.

Nitu, of Seattle, Wash., and Irimia, listed as homeless on the jail docket, have each been charged with third-degree larceny and third-degree fraud/swindle.

Bond was set at $50,000 for each charge. Both men remained in the Santa Rosa County Jail as of late Monday afternoon.