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U.K. bank to invest millions to fight ATM fraud

November 21, 2006

Kamcity.com: England's Sainsbury Bank plans to invest £3.5 million ($6.7 million) to tackle rising levels of ATM skimming fraud. Sainsbury's says the security upgrade will involve the introduction of extensive CCTV monitoring, and the installation of new anti-skimming devices on all of its 885 cash machines. The new security technology reflects Sainsbury's efforts to respond to rising ATM fraud in the United Kingdom. APACS, the Association for Payment Clearing Services, has reported that the value of cash-machine fraud during the first three months of 2006 was up 54 percent from 2005. Sainsbury's estimates that between 2000 and 2005 the amount of money stolen through ATM skimming has increased by 260 percent.