Indonesian FIs scrambling to tighten security after mass ATM skimming

Indonesian banks are taking steps to tighten their security measures after billions of rupiah were lost to ATM skimmers, according to Bernama, the Malaysian national news agency.

Bank Indonesia, the nation's central bank, reported that about Rp5 billion was stolen from four national banks, but one of those four said it had Rp 5 billion stolen from its coffers alone.

Bank Indonesia has recommended replacing magnetic stripe debit cards with chip-and-PIN cards, but an ATM network expert estimated it would take up to Rp 2 trillion to reconfigure the country's ATMs.