Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
The only way to improve card security is for banks and merchants to align their strategies, says Gray Taylor of NACS. "This is something that hurts both of our industries. Fraud hurts us all."
Links between card-skimming attacks and ID theft are getting notice from U.S. federal prosecutors. But are the sentences being passed down from the courts strong enough to deter fraudsters?
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?
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.
The arrests of three Seattle-area men for their involvement in two separate ATM-skimming schemes highlight technological and social vulnerabilities that international fraudsters have learned to exploit with ease.
Three Seattle area men have been arrested for their alleged involvement in separate ATM skimming schemes that drained more than half a million dollars from retail customer accounts in at least six states.
According to the Pasco County, Fla., Sheriff's Dept., at least 44 customers were defrauded of thousands of dollars, after their cards were skimmed at two walk-up ATMs at area banks, including Bank of America.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
Operation Night Clone, launched in November 2010, led to the arrest of 61 international suspects for the parts they played in an elaborate card-skimming scheme that spanned three continents.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.asia, you agree to our use of cookies.
