ATM-related fraud is quickly evolving, says Graham Mott, head of the U.K.'s LINK Scheme and a presenter at the Sept. 23 London Fraud Summit. New malware attacks waged against ATMs prove why information sharing among banking peers is critical.
ATM manufacturers Diebold and Wincor Nixdorf are laying the groundwork for a new industry group focused on thwarting ATM crime. While experts say the time is right for a group like this, it will need industrywide buy-in to be successful.
For the first time in its decade-long history, the Federal Reserve's triennial Payments Study includes fraud data. The Fed's Jim McKee says these findings set a baseline about U.S. card fraud trends.
Criminals have begun targeting ATMs in Western Europe using malware, as well as a new generation of stealthier skimmers designed to capture card data and PIN codes. But the stolen data is often used for fraud elsewhere, especially the U.S.
Bulgarian and French law enforcement authorities made 11 arrests in an effort to take down a Bulgarian organized crime network suspected of conducting an electronic payment fraud and currency counterfeiting operation.
Concerns about ATM cash-outs and fraud reach new heights, as U.S. federal banking regulators warn institutions to watch out for the fraudsters' latest scheme, known as "unlimited operations."
An analyst says two guilty pleas by defendants who played leading roles in an international account takeover and ATM cash-out scheme worth more than $15 million were not surprising because of the strong evidence in the case.
The FFIEC has issued notices spelling out its expectations for the steps that financial institutions should take to mitigate risks posed by ATM cash-out schemes and the continued DDoS attacks on public-facing websites.
Seventeen individuals are facing charges for their alleged roles in an international ATM skimming and money laundering scheme. The indictments of multiple individuals for a low fraud amount is encouraging, experts say.
A grand jury's indictment this week of the alleged leader of a $5 million ATM skimming scheme illustrates how collaboration among international authorities is working to more swiftly bring global cybercrime leaders to justice.
While the U.S. migration toward EMV card technology may have been jolted by a July court ruling, Randy Vanderhoof of the Smart Card Alliance contends the movement toward EMV will accelerate in 2014.
ATM skimming attacks, and subsequent fraud losses, are increasing, even in European markets where EMV chip cards are the standard. Learn why some experts predict a continued surge in skimming in the months to come.
A recent ATM fraud scheme that targeted banks in three states illustrates just how sophisticated ATM attacks have become, experts say. Learn how fraudsters are increasingly keeping their skimming schemes concealed.
A recent ATM skimming scheme linked to the theft of hundreds of thousands of dollars is an indicator of a coming surge in this type of fraud, experts say. Learn about the causes of this trend.
ATM-related fraud is increasing in the United States, and experts say losses will continue to grow until the market achieves widespread adoption of cards using EMV chip technology and phases out magnetic-stripe cards.
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