Researchers demonstrate how ATMs could be hacked - without installing malware - by connecting a tiny computer to an inside port, bypassing the ATM's own computer and instructing the cash dispenser to begin issuing money.
ATM skimming attack sophistication, and recent global upticks in ATM cash-out schemes, have put a spotlight on ATM-related fraud. Banking institutions, in particular, have struggled to keep up with some of these emerging ATM fraud schemes. One challenge banks and credit unions face is that their ATM networks are often...
Criminals have infected at least 50 ATMs in Eastern Europe, including Russia, with malware, dispensing millions of dollars in cash directly to money mules. Interpol warns such attacks could spread worldwide.
Criminals have begun targeting ATMs in Western Europe using malware, as well as a new generation of stealthier skimmers designed to capture card data and PIN codes. But the stolen data is often used for fraud elsewhere, especially the U.S.
Bulgarian and French law enforcement authorities made 11 arrests in an effort to take down a Bulgarian organized crime network suspected of conducting an electronic payment fraud and currency counterfeiting operation.
The FFIEC has issued notices spelling out its expectations for the steps that financial institutions should take to mitigate risks posed by ATM cash-out schemes and the continued DDoS attacks on public-facing websites.
Seventeen individuals are facing charges for their alleged roles in an international ATM skimming and money laundering scheme. The indictments of multiple individuals for a low fraud amount is encouraging, experts say.
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.
ATM-related fraud is increasing in the United States, and experts say losses will continue to grow until the market achieves widespread adoption of cards using EMV chip technology and phases out magnetic-stripe cards.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
How could global fraudsters steal $45 million from banking institutions without being detected or stopped? It was a process breakdown, not a technology failure, says fraud expert Avivah Litan of Gartner.