The Bankwatch

Tracking the consumer evolution of financial services

ATM Fraud Review | European security agency

Here is a clear review of the current state of ATM fraud in Europe. It summarises the methods in some detail (refer below) as well as the overview of chip cards impact on fraud, and those countries that are not fully EMV compliant yet.

EU agency ‘alarmed’ by rise in cash machine fraud | Finextra

In April 2009, a 33-year-old Microsoft employee, who lives in New York City, stopped in the closest Chase bank to get some cash to pay his barber. When he inserted his ATM card in the machine, he noticed a bit of resistance. The screen said the machine was unable to read his card. So he tried again. But a second time, the machine gave him an error message.
He was about to give up and try another machine, when a thought popped into his head. He had heard about devices that fraudsters attach to the outside of card readers on ATM machines and, though it seemed unlikely, wondered if that was the source of his problem. He tried to pull on the green plastic surrounding the card slot and found that it peeled right off. Behind an extra mirror attached to the machine, he also found a hidden camera positioned right over the key pad, to capture the PIN codes as victim‘s type them in


Written by Colin Henderson

September 7, 2009 at 14:11

Posted in Uncategorized

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  1. Worringly ATM fraud only begins to scratch the surface of the sheer amount of bank crimes that exist in modern society, which creates real concern for financial services security. Experts have warned that the threat of cybercrime is rising sharply as plots similar to that of ‘The Analyzer’s’ have been uncovered. Steps toward increased security need to be taken or we could be in serious danger of falling victim to such fraudsters in the very near future.

    Finance Ed

    September 8, 2009 at 03:57

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