Localized skimming attacks, whether waged against ATMs or self-service gas pumps, continue to wreak havoc on banks and credit unions. And we're likely to see an uptick in 2017 as fraudsters ramp up their efforts to cash in.
The financial sector continues to be a prime target for highly sophisticated, customized attacks. The SWIFT money transfer system recently came under attack resulting in an $81 million heist of the Bangladesh Bank. This number pales in comparison to an estimated $1 billion stolen from over 100 banks worldwide by the...
A just-issued report from President Obama's Commission on Enhancing National Cybersecurity outlines challenges the next administration should address. Observations from one of the panel's commissioners highlight the latest episode of the ISMG Security Report.
Why are ATMs a top target for fraudsters? In an interview, Shirley Inscoe, a financial fraud expert and analyst at Aite Group, offers insights based on a new study and predicts the surge in skimming will continue next year.
Local police are investigating ATM skimming attacks at four New York hospitals. Security experts warn that fraudsters will likely continue to target locations, including hospitals, where ATMs are not closely monitored and around-the-clock access to the terminals is available.
European banks have seen a new wave of ATM jackpotting attacks, where machines are commanded by malware to spit cash into the waiting hands of criminals, according to a new report. But why is this report being cautiously received?
During a recent business trip to San Francisco, ATM security expert John Buzzard stumbled upon an ATM that had been damaged by an explosive substance - a vivid reminder of an emerging threat. Buzzard offers insights on the latest ATM risks.
When it comes to describing the top fraud threats to UK financial institutions, it's all about compromised identities and credentials, says John Marsden of Equifax. How can organisations prove their customers are who they say they are?
As U.S. ATM operators face MasterCard's Oct. 21 EMV liability shift deadline, a surge in explosive attacks against European ATMs is a reminder that anti-fraud features won't block all money machine crime.
Same-day Automated Clearing House (ACH) payment processing became a reality. While this represents a terrific opportunity for banks to be responsive to their customer's requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness,...
Brazen ATM thefts from financial institutions in Taiwan and Thailand have sent a shiver through the global banking industry. An inside look at the malware used in the attacks reveals attackers' clever, incremental improvements.
Thai police say they have identified all of the suspects allegedly involved in recent "jackpotting" malware attacks against 21 ATMs, leading to the theft of 12 million baht ($350,000). The malware is a new strain called "Ripper," raising concerns for banks worldwide.
In a fast changing world, financial institutions are increasingly at the mercy of smart assaults on their ATM networks. Vigilance is no longer enough to defend against ATM fraud. Breaches are inevitable as hackers develop new methods for exploiting ATM security vulnerabilities. In order to win, security tech needs a...
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?