To Counter ATM Fraud, Banks Need to Deal with Technology Debt

Bank Innovation

EXCLUSIVE— While banks are making strides to improve their cybersecurity, it might be time to give the security on their physical devices, such as ATMs, an upgrade too. Exclusive Online Security ACI Worldwide ATM fraud cashless cybersecurity fraud jackpotting Mobile banking

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Anti-Fraud ATM Blocks Mobile Phone Scams

PYMNTS

Hitachi is teaming up with a regional bank in Japan to introduce anti-fraud ATMs. The machines are designed to stop users from being conned into transferring money from their bank accounts at an ATM by preventing transactions from completing if it detects the person is using a mobile phone, Bloomberg reported. Joyo Bank, a regional lender located north of Tokyo, will begin operating the new anti-fraud ATMs early next year.

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The ABCs Of ATM Fraud

PYMNTS

The ones at the ATMs in the back of the convenience stores that covertly took down your account numbers and PINs? Because when it comes to ATMs, ATM operators have a lot more to worry about. News earlier this month that compromises at ATMs (read: fraud) were at the highest levels in 2015 than had been seen in years (according to FICO) brings back some concerns over how strong security is, or isn’t, at the point of cash dispensing. Remember those skimmers?

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ATM Debit Card Fraud Hit 10 Percent In 2017

PYMNTS

ATMs and merchants in 2017. The number of compromises and the number of card members impacted set a new record last year,” said TJ Horan, vice president of fraud solutions at FICO. “While most devices are safe, fraudsters are developing new technology and methods for hacking ATMs. The data – which is taken from the FICO Card Alert Service that monitors hundreds of thousands of ATMs and other readers in the U.S.

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ATM Security and Fraud

ATM Marketplace

Is your ATM fleet safe from smash-and-grabs, jackpotting, and cash trapping? In this whitepaper, you can learn about these major threats and how to protect your ATMs (and the cash inside If you can’t answer with a confident and resounding yes!, don’t stress.

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Doing Battle With Holiday Fraudsters At The ATM

PYMNTS

Well, that means trips to the ATM. For fraudsters, armed with new technologies, the ATM is fertile ground for fraud. In terms of detecting the actual mechanics of the fraud involved, though, the job is getting tougher. The holiday season is in full swing.

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State of the Industry: ATM Fraud

ATM Marketplace

With $400K USD withdrawn from ATMs worldwide every second, are ATMs still alive, relevant and reliable despite recent highly coordinated and sophisticated fraud attacks

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How FIs Can Win The Battle Against ‘Smarter’ Payments Fraud

PYMNTS

Not so long ago, payments cyber fraud was done primarily by brute force, through guessing passwords and usernames — a scattershot approach akin to trial and error, conducted by lone individuals or small groups. Fraud is an industry for the crooks now.

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How is ATM fraud still a thing?

Payments Source

Attacks on ATMs and point-of-sale machines are getting more sophisticated and frequent. ATMs Point-of-sale Device security Network securityCrooks are trying to get as much use as they can out of their skimming devices before the migration to chip cards is complete.

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Lifting lockdowns could bring a second wave of coronavirus-related fraud

Payments Source

states now begin to lift stay-at-home orders, fraudsters too are being unleashed to return to familiar targets such as bank branches, ATMs and retail stores. Fraud detection Online payments Digital payments Retailers CoronavirusAs many countries and U.S.

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As ATM Thefts Rise In Europe, Europol Urges Safeguards

PYMNTS

Europol, the European Union police organization, is calling for increased security and vigilance in response to a string of attacks on ATMs throughout the continent, according to a report by the Associated Press. In a press release , RBR said the number of ATMs stood at 3.24

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A Full-Picture Approach To Thwarting Debit Fraud

PYMNTS

These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods. This also requires analyzing typical activities at payment terminals, POS devices or ATMs that accept the consumers’ cards. . “By The Rise of CNP Fraud.

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UK Police Warn Of New ATM Fraud Threat

PYMNTS

police have warned the public about a new fraud threat at the local ATM: tiny cameras drilled into London ATMs. So far, there have been four reports of these cameras at cashpoints (ATMs) in London, and authorities are warning that there could be more. Fraud Attack ATM cash machine crime fraud Security Theft uk What's Hot

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New App Pinpoints Card Skimmers On Gas Pumps, ATMs

PYMNTS

Created by a team of computer engineers, the new app, nicknamed Bluetana, can detect even the most discreet skimmers on gas pumps and bank ATMs. Security & Fraud ATM Bluetana bluetooth Card Skimming credit cards gas pumps News security & fraud skimmers What's Hot

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ATM Real-Time Rules

ATM Marketplace

Rising ATM Fraud not only put financial institutions and business at risk of losing large sums of money, but also hurting their brand reputation. Learn how you can mitigate your ATM fraud risk and identify suspicious activity with this FIS whitepaper

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ATM fraud by the numbers

ATM Marketplace

In an excerpted commentary from the forthcoming 2017 ATM and Self-service Trends report, Shirley Inscoe, senior analyst at Aite Group, shares results from the firm's recent ATM fraud study. The study investigates trends and offers recommendations for remediation measures

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Malware Tricks ATMs Into Skimming

PYMNTS

ATM skimming just got taken to the next level. Kaspersky Lab announced new research regarding a hacker collective, known as the Skimer group, that uses malware to essentially make an ATM steal users’ money. Instead of putting skimmer devices on the ATM, this group makes the entire ATM a skimming device. As part of its investigation, Kaspersky Lab found a new version of the malware on a bank’s ATM that had been planted by hackers.

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ATMs Are Spontaneously Vending Cash (Thanks, Hackers)

PYMNTS

Why make one’s life hard hacking consumer accounts — or taking up armed robbery — when one can get the best of both worlds by directly attacking the banks’ computers and getting ATMs to do things like start spewing cash for no apparent reason? Taiwan and Thailand saw such attacks earlier this year when cyber criminals programmed bank ATMs to spew cash. In Taiwan, Taipei city police got reports of currency lying on a First Commercial Bank ATM in the city’s Da’an Precinct.

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Pandemic's move to online payments comes with a fraud spike

Payments Source

While financial institutions are encouraging customers to use their digital banking services rather than the branch or ATMs during the outbreak, attackers will also be looking to exploit this potential increased adoption of mobile banking and mobile payment apps, says OneSpan's Sam Bakken. Risk Payment fraud Online payments Coronavirus ISO and agent E-Commerce

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FBI Warns Banks About Widescale ATM Cash-Out Scam

PYMNTS

The Federal Bureau of Investigation (FBI) has issued a warning to banks that cybercriminals are gearing up to launch a choreographed global scam, known as the “ATM cashout,” in which the bad guys hack a bank or payment card processor to make cloned cards that they can use to withdraw money from ATMs around the globe. Security & Fraud ATM authentication cybercriminals Cybersecurity FBI FI Hackers News scam security & fraud What's Hot

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The Role Of ATMs In Bank Omnichannel Strategy

PYMNTS

Since smartphones haven’t learned how to print paper money, people still must turn to ATMs for that. In fact, the number of ATMs in the U.S. Yet because of customers’ attachment to the smartphone and all it can do, their expectations for the ATM experience are much higher than they once were — and keeping up can quickly grow more complicated and expensive than banks would like. The ATM Opportunity. The ATM Challenge.

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Holiday Season Brings Corporate Payments Fraud Spike

PYMNTS

’Tis the season for corporate fraud? Unfortunately, this time of year fails to bring relief for businesses that fall victim to corporate and B2B payments fraud, too. Yet, analysts warn, as cross-border B2B payment volumes rise, so does the risk of fraud.

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ATM Withdrawals Lead To Online Drug Ring Bust

PYMNTS

Now, an unsealed indictment shows how the Manhattan DA’s office was able to take down the vendor after receiving a tip in 2017 about suspicious ATM withdrawals. The defendants took out more than $1 million (in $700 increments) from ATMs for more than two years.

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Hacker Tracker: Neutralizing ATM Jackpotting

PYMNTS

James Chappell, CTO and cofounder of Digital Shadows , joined this week’s Hacker Tracker to shed light on how the latest trend of ATM jackpotting is just the tip of the iceberg for cybercriminals looking to steal larger sums of money with bigger attacks. The end of 2016 saw a spike in ATM jackpotting attacks, which involved hackers using a computer malware to infect ATM machines and force them to distribute significant quantities of cash.

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Visa: New Cyber Threats Require New Fraud Tools

PYMNTS

The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world.

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NYPD Tests ‘Skim Reaper’ To Stop ATM Tampering

PYMNTS

The NYPD is fighting back against ATM tampering with a device called the “Skim Reaper.”. According to CBS News in New York , the device can detect if an ATM or gas pump has been compromised. Now, after three years of study, cybersecurity expert Patrick Traynor and two Florida graduate students invented the “Skim Reaper,” a credit-card thin gadget that slides into card reader slots and can easily and quickly detect if an ATM or gas pump has been tampered with.

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From bezels to bombs: ATM fraud runs the gamut

Matt Wilcox Pro

Some thieves take on smart ATMs with high tech gadgetry. Others, you could say, have a shorter fuse. The United States Department of Justice recently sent notifications to 2,000 residents in my home state of Utah.

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Fraud Decisioning Adapts To Shifting Conditions

PYMNTS

Advances in fraud decisioning have cybercrooks scrambling into the new arcana of synthetic identities and fiendish mass bot attacks, looking for any possible opening to exploit.

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An insider's guide to thwarting a growing ATM attack vector

ATM Marketplace

In a transaction reversal fraud attack, a fraudster tricks the ATM into thinking no cash was dispensed, so the host typically does not debit the account.

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Bankers suggest time lag between ATM withdrawals in New Dehli

ATM Marketplace

As a way to combat ATM fraud in New Delhi, the Delhi State Level Bankers' Committee proposed several measures, including a 6-12 hour gap between cash withdrawals

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Taiwan Crooks Mastermind $2M Grab-And-Go ATM Heist

PYMNTS

A group of masked robbers are suspected of using a computer program to hack into ATMs in Taiwan to steal more than $2 million. The thieves are believed to have targeted more than 30 ATMs belonging to Taipei-based First Commercial Bank, The Times Of India reported on Tuesday (July 12). “It is still not clear how the suspects stole such a large amount of money from the ATMs. Instead of putting skimmer devices on the ATM, this group makes the entire ATM a skimming device.

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Hackers Getting Money Mules To Remit Through Bitcoin ATMs

PYMNTS

Hackers who steal money from corporate banks often use so-called “money mules,” people willing or tricked into withdrawing funds in cash and wiring the money to the bad guys, but according to Krebs on Security , the mules are increasingly being told to remit the money through bitcoin ATMs. The scammers told her to withdraw the money from her account by going into the bank itself — not from the ATM (mainly due to daily withdrawal limits at the ATM).

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ATM fraud in the age of EMV

ATM Marketplace

While credit unions, banks and other ATM owners and operators continue to migrate their machines to EMV technology, the question remains: Will EMV ultimately solve this very serious problem

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Singapore’s OCBC Bank Customers Can Use QR Codes At ATMs

PYMNTS

In an effort to make Singapore’s three million monthly cash withdrawals more digital, OCBC Bank has rolled out QR codes that customers can use at any of its 655 ATMs, the company said in a press release on Wednesday (July 31).

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Cardtronics To Rollout Cardless ATMs Based On FIS Technology

PYMNTS

FIS, the financial services technology, and Cardtronics, the ATM owner/operator, announced Thursday (June 29) plans to integrate FIS Cardless Cash access across Cardtronics’ ATM fleet in the United States. In a press release announcing the news, FIS said the FIS Cardless Cash, which leverages the FIS Mobile Banking app, enables banking customers to withdraw funds from ATMs without having to use a plastic card.

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