ATM Skimming Spree Nets $200K

5 NY Bank of America Branches Hit in April, May
ATM Skimming Spree Nets $200K
A skimming scam in Long Island, N.Y., netted thieves more than $200,000 from ATMs at five Bank of America branches.

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Siciliano, a security consultant and founder of IDTheftSecurity.com, says the problem with most skimming incidents is outdated technology.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.


About the Author

Tracy Kitten

Tracy Kitten

Executive Editor, BankInfoSecurity & CUInfoSecurity

A veteran journalist with more than 18 years' experience, Kitten has covered the financial sector for the last 11 years. Before joining Information Security Media Group in 2010, where she now serves as the Executive Editor of BankInfoSecurity and CUInfoSecurity, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by CNN.com, ABC News, Bankrate.com and MSN Money.




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