Hands-on methods were quickly replaced by technologies such as skimming devices, false fronts attached to ATMs and connected directly to their network cables, providing access to card data.īeginning around 2002, fraudsters were able to steal as much as $200,000 a day using a simple skimmer that transferred information from the ATM user's magnetic stripe card to the fraudster's laptop computer.ĪTM skimming really began to take off globally in 2010 with the large-scale production of skimming devices, especially the wireless variety. Receiving no money, the customer eventually would give up and leave - at which point the thief would return to the ATM, pry open the glued door and take the money. Notorious confidence-man-turned-security-consultant Frank Abagnale would superglue the cash dispenser door closed, then wait for an unsuspecting customer to attempt a withdrawal. In its infancy, ATM theft was almost comical. Within just a decade, fraud has evolved from crude crowbar or explosive-style robbery into a highly sophisticated practice involving the penetration of a bank's IT systems - often from half a world away. From brute force to hi-tech hacking techniques, how did this phenomenon evolve and, more importantly, what can the industry do to stop ATM criminals from cashing in at everyone's expense? By Yossi Geller, Senior Director of Marketing, ThetaRayĪTM fraud is a growing epidemic that is not going away anytime soon.
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March 2023
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