European ATM fraudsters net nearly $65M in '04

European ATM fraudsters net nearly $65M in '04
Tags: Security
January 4, 2005

Ireland Online: ATM fraud is one of the fastest-growing crimes in most European countries, according to an umbrella body representing Irish financial institutions.

The Irish Payment Services Organisation said 2,377 instances of ATM card skimming had been reported across Europe in the first eight months of 2004, resulting in losses of almost €46 million (U.S. $61 million) for European banks.

A further 2,636 instances of ATM card "trapping," in which fraudsters use devices that retain cards in the ATM while they trick victims into re-entering PINs, were reported, resulting in losses of just over €3 million (U.S. $3.9 million).