Why are ATMs a top target for fraudsters? In an interview, Shirley Inscoe, a financial fraud expert and analyst at Aite Group, offers insights based on a new study and predicts the surge in skimming will continue next year.
Local police are investigating ATM skimming attacks at four New York hospitals. Security experts warn that fraudsters will likely continue to target locations, including hospitals, where ATMs are not closely monitored and around-the-clock access to the terminals is available.
European banks have seen a new wave of ATM jackpotting attacks, where machines are commanded by malware to spit cash into the waiting hands of criminals, according to a new report. But why is this report being cautiously received?
As U.S. ATM operators face MasterCard's Oct. 21 EMV liability shift deadline, a surge in explosive attacks against European ATMs is a reminder that anti-fraud features won't block all money machine crime.
Same-day Automated Clearing House (ACH) payment processing became a reality. While this represents a terrific opportunity for banks to be responsive to their customer's requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness,...
Brazen ATM thefts from financial institutions in Taiwan and Thailand have sent a shiver through the global banking industry. An inside look at the malware used in the attacks reveals attackers' clever, incremental improvements.
Thai police say they have identified all of the suspects allegedly involved in recent "jackpotting" malware attacks against 21 ATMs, leading to the theft of 12 million baht ($350,000). The malware is a new strain called "Ripper," raising concerns for banks worldwide.
In a fast changing world, financial institutions are increasingly at the mercy of smart assaults on their ATM networks. Vigilance is no longer enough to defend against ATM fraud. Breaches are inevitable as hackers develop new methods for exploiting ATM security vulnerabilities. In order to win, security tech needs a...
A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours illustrates why devising better ways to mitigate the risks posed by such schemes must be a priority for financial institutions in markets - including the U.S. - that still rely on mag stripe debit cards.
By spring, banks and credit unions across the U.S. are expected to start rolling out "card-free" ATMs, offering transactions that experts say will eliminate fraud losses linked to skimming, and at the same time open new doors for mobile payments.
The arrests of seven men allegedly linked to a skimming operation that targeted ATMs at retailers, including hotels and gas stations, is yet another indicator that U.S. merchants need to beef up the security of these devices.
The takedown of an Eastern European gang believed to have been responsible for a string of ATM jackpotting attacks serves as a reminder of why ATMs running outdated operating systems and universal access keys pose significant worldwide security risks.
As U.S. merchants shore up physical point-of-sale security by upgrading their terminals to accept EMV chip cards, attackers are turning their aim toward new, unattended targets. Here's the latest on how to respond to "shimming" attacks.
ATM fraud losses are increasing globally, and we can expect to see this trend continue as the U.S. ramps up its migration to EMV at the point of sale. Unattended terminals are easy to compromise, and they will always be among fraudsters' favorite targets.