Stuff: New Zealand's first ATM skimming fraud has netted almost $50,000 (U.S. $35,900) and triggered suggestions that banks should follow overseas examples and combat the crooks with smart cards. Last month, criminals harvested information from 35 cards and took more than $47,000 from a BNZ ATM. Consumers' Institute chief David Russell said New Zealand banks were lagging behind their international counterparts. He said that because the four big banks had not suffered ATM skimming until now, they had been "lulled into a sense of false security."
In New Zealand, a smart card-capable network is being introduced on the Paymark network - owned by the four main banks - which enables EFTPOS machines to recognize chips.
Read also, ATM skimming in New Zealand widens, Australia's EMV card issuance expected to grow in '06 and STUDY: EMV adoption spreads as main tool to fight card fraud.
