ATM Skimming Spree Nets $200K5 NY Bank of America Branches Hit in April, May
These latest in a series of ATM skimming attacks across the U.S. reportedly occurred from April through May.
Security surveillance cameras recorded six suspects withdrawing money with cloned debit cards created from the skimmed information. The suspects have not yet been captured.
Robert Siciliano, a security consultant and founder of IDTheftSecurity.com, says the problem with most skimming incidents is outdated technology.
"Bank managers and their security personnel aren't in tune with the extent of the crime," he says. "Until upgrades in technology are made, feet on the ground need to inspect cash-dispensing machines frequently."
Siciliano says it's not an isolated issue. BofA is merely one of many financial institutions suffering losses from similar attacks.
"In the end, if banks would make the investment to upgrade, it would save thousands of dollars in losses," he says.
In a statement issued to BankInfoSecurity.com, Bank of America says it continuously evaluates which ATM security methods are most effective. The bank is reimbursing customers affected by the breach.