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.
Upticks in point-of-sale fraud and surges in ATM skimming are hitting community banks hard, Doug Johnson of the American Bankers Association says in this video interview. Why are smaller institutions feeling the pain?
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.
Security experts warn about a trio of new threats: GreenDispenser cash-out malware, the Shifu banking Trojan being spread via malvertising attacks and Neutrino crimeware getting an upgrade to steal payment-card data.
A new security alert from NCR Corp. warns that ATM skimming attacks in the U.S. are on an upswing. And as EMV migration efforts ramp up, experts say banks and credit unions can expect these attacks to continue to increase. But what can be done to mitigate the risk?
A growing number of ATM card reader eavesdropping attacks involve attackers getting in through a tried-and-true method - taking advantage of commonly used electronic access keys or codes. What can be done to stop these attacks?
In an exclusive interview, Sergey Golonvanov, a threat researcher at Kaspersky Lab, offers insights about the Russian cybercrime ring that over the weekend made headlines for defrauding banks of up to $1 billion.
The Anunak/Carbanak gang continues to rob financial services firms and retailers, in part with ATM malware. A new report says the cybercrime gang has stolen up to $1 billion from banks in Russia, the U.S. and beyond.