The U.S. reliance on the magnetic stripe is having global consequences. European countries that have made the shift EMV say they are suffering from higher-than-ever incidents of ATM skimming because of the lingering mag stripe.
Payment card breaches, check fraud and phishing/vishing - these are the most common forms of fraud striking banking institutions today. Yet, what form of fraud do institutions feel most prepared to prevent? Money laundering.
This is just one of the sobering results from the new Faces of Fraud: Fighting Back study...
There have been roughly 40 incidents of skimming or POS attacks reported so far in 2010. They range from tried-and-true ATM skimming to insider crimes and the troubling new trend of pay-at-the-pump thefts.
While deposit fraud at the ATM has remained stable for the last three to four years, the ability for fraudsters to commit these crimes is significantly reduced when ATMs move to imaged or automated-deposit platforms.