What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Criminals manipulate an ATM so that the cash requested is blocked or trapped. Once the user gives up and leaves the ATM, the fraudsters come in and remove the cash. So, how can banks prevent this scam?
A Pasco County, Fla., man has been charged for his involvement in a summer skimming spree that targeted Bank of America ATMs. Why do authorities believe he likely has connections to an international crime ring?
Skimming incidents at bank branch ATMs and vestibules are adding up to huge losses. One bank says it could easily lose $50,000 over one weekend at a single ATM. So, what can institutions do to deter and detect skimmers?
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
Want to reduce ATM skimming incidents? Heed the advice of Seattle-area banking institutions and law enforcement officials, who have gleaned a half-dozen clues from that region's recent fraud investigations.
Federal investigators say the two latest suspects, along with other accomplices, are suspected of being connected with Seattle-area debit- and credit-card skimming schemes that span at least six months.
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.