Criminals have been seeking innovative new ways to steal cash from ATMs. In the U.S., there has been a surge in physical attacks, while Europe has seen a sharp increase in "black box" attacks designed to make ATMs dispense cash on demand.
Diebold Nixdorf, a major manufacturer of ATMs, has issued an alert about "jackpotting" or "cash-out" attacks that are draining cash from its machines in several European countries. What makes these attacks unusual?
A recent ATM fraud scheme that targeted banks in three states illustrates just how sophisticated ATM attacks have become, experts say. Learn how fraudsters are increasingly keeping their skimming schemes concealed.
Banks and credit unions say they are investing in enhanced fraud detection, monitoring systems and education. What other anti-fraud investments top their lists? See what our 2012 Faces of Fraud Survey revealed.
Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
According to the Pasco County, Fla., Sheriff's Dept., at least 44 customers were defrauded of thousands of dollars, after their cards were skimmed at two walk-up ATMs at area banks, including Bank of America.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
"I think this is another great example of the lengths to which criminals will go to perpetrate these schemes, and the amount of homework they do," says Julie McNelley, banking and payments fraud analyst at Aite Group.