News

GASA launches early warning system for financial services

February 6, 2006

BROOKINGS, S.D. - The ATM Industry Association's Global ATM Security Alliance has launched a new international Fraud Alert Noticeboard as part of its online ATM crime data management system, Cognito.

"The Fraud Noticeboard will function like a global early warning system for the financial services industry," said GASA founder and ATMIA chief executive Mike Lee in a news release. "Fraud is a moving target which migrates rapidly in multiple directions. So the financial services industry needs a tool to distribute global alerts regarding emerging threats to enable proactive steps to be taken. This system could save the industry millions of dollars a year."

The Fraud Alert Noticeboard describes the nature of an identified threat and then rates the risk level of the alert into one of three categories:

High Risk - threat of fraud is significant, widespread and demands urgent, immediate attention
Medium Risk - threat of fraud is hard to gauge but demands attention in the medium term
Low Risk - threat of fraud is small and does not demand any urgent attention beyond awareness of potential problem

Cognito contains more than 4,000 recorded ATM crimes and has an online fraud reference library that includes white papers, articles, press releases, crime reports, criminological research and a gallery of solutions. The system also records POS fraud.

"Since debit cards can be compromised at illegally modified POS devices and then used to fraudulently withdraw funds from ATMs, it is vital for GASA to monitor crime trends at both POS and ATM terminals," Lee said. "Best practices for POS security are now needed."

For more information about Cognito, please contact Mike Lee.

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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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