ATM card skimming in 2015: Crime waves, countermeasures and case studies
Organized crime groups love ATMs: They're everywhere; they're mostly unattended; and they are, of course, full of cash.
For decades, the global ATM industry has been relatively successful at keeping abundant cash available to legitimate ATM users while keeping lawbreakers at bay. But in recent years, this has become increasingly difficult.
As criminal organizations have ramped up their sophistication and global reach, the industry has watched with increasing alarm the rising statistics on ATM skimming fraud:
- more than $2 billion in losses (and rising) at ATMs around the world; with
- 33 percent of all fraud incidents linked to skimming crime; and
- 98 percent of all losses resulting from skimming crime.
Unfortunately, the migration to smart chip-enabled, EMV compliant smart cards has offered little relief from skimming exploits at the ATM; the magnetic stripe data that remains on EMV bankcards is still highly valuable to crime gangs whose operations reach into non-EMV markets such as the United States.
So ... how can an ATM deployer effectively combat skimming threats without diminishing device availability or the user experience?
This will be the subject of a free March 12 webinar, "ATM card fraud prevention — achieving maximum security and convenience," presented by TMD Security and hosted by ATM Marketplace. The one-hour session will take a look at the increasingly organized nature of skimming crime and the technologies and techniques used by criminal gangs, as well as existing — and brand new — countermeasures that can effectively prevent criminals from harvesting magnetic stripe data.
TMD security experts presenting at the webinar will include:
- Robin Hamstra, EMEA sales director — Robin will share insight into recent trends in card skimming and card trapping — and will also look at the various technologies used, including digital, analog and stereo skimming. He’ll also take a look at the European experience with EMV and its impact on cross border-fraud.
- Tom Moore, managing director for North America — Tom will provide an overview of the statistical trends in skimming crime, its cost to deployers, the trend toward cross-border fraud migration, and the expected growth trajectory of attacks in non-EMV markets. He'll also will discuss best practices in fraud prevention, and the preventive technologies available to ATM operators, including TMD’s new Active DIP Kit that, for the first time, makes it possible to provide active protection for nonmotorized card readers.
- Claire Shufflebotham, global security director — Claire will present a two case studies — one from the U.K. addressing fraud migration, and one from Turkey's AK Bank describing that FI's success in combatting skimming at the ATM. She will also cover the latest threats — including significant increases in "eavesdropping" and card trapping – and methods for preventing them.
The one-hour event will also include a Q&A session to address specific questions from participants.
Register now for the live webinar, "ATM card fraud prevention — achieving maximum security and convenience."
Cover image courtesy TMD Security
Companies: TMD Security GMBH
Suzanne Cluckey / Suzanne’s editorial career has spanned three decades and encompassed all B2B and B2C communications formats. Her award-winning work has appeared in trade and consumer media in the United States and internationally. She is now the editor of ATMmarketplace.com and BlockChainTechNews.com