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A $45 million ATM frame-up?

May 22, 2013

In the recently reported $45 million bank theft, much attention has been focused on the fact that cash was obtained through ATM withdrawals. But the crime was made possible by cybersecurity breaches at processing companies, a fact that some believe is getting lost in headlines that almost always include the letters A-T-M.

In Canada, the ATM Industry Association and the Canadian Bank Machine Association are endeavoring to set the record straight. Jointly, the organizations have issued a news release presenting the facts of the matter:

In the wake of a number of recent arrests made in the United States of individuals who allegedly carried out cyberattacks on the international banking system to enable fraud and theft, the Canadian Bank Machine Association and ATMIA (ATM Industry Association) are clarifying the facts around the case as it relates to ATMs, especially here in Canada .
Here are the facts:
The alleged criminal activity for which arrests were made is not related to ATMs.The individuals arrested are accused of having carried out targeted hacking operations on specific financial institutions, not on ATMs themselves.
The alleged criminal activity did not occur due to security breaches of ATMs. The accused only allegedly used ATMs to withdraw the proceeds of their hacking operations.
No specific types of ATMs are more or less vulnerable to this type of alleged crime than others. The alleged hacking operation was designed to allow the accused to withdraw money fraudulently from any ATM, regardless of their security systems, affiliated financial institutions, or owners.
Canadians can remain confident that ATMs are safe, secure and convenient ways to access their money. Both the Canadian Bank Machine Association and ATMIA are committed to the integrity of the payments system and are dedicated to the elimination of ATM fraud. We encourage all Canadians to remain vigilant with their personal banking information, to protect themselves from fraud and theft.

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Included In This Story

ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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