What the Tech? ATM Skimmers
Skimming credit and debit cards are a huge problem for consumers and it’s getting worse.
Skimming credit and debit cards are a huge problem for consumers and it’s getting worse. A report from Verizon shows some 94% of all security breaches originate at card swipe devices.
Skimming devices are widely used by criminals for two reasons: the probability of successful thefts and the ease in which skimmers are placed on card swipe devices.
The skimmers are often placed on ATM terminals and swipe payment devices in a matter of 2-3 seconds. These slip on top of the cash machines and are barely noticeable by consumers. Some add just a little bulk to the terminals but are otherwise identical to the card swipe machines.
Now two of the world’s largest ATM manufacturers announced (http://www.fisglobal.com/About-Us/Media-Room/News-Releases/2016/FIS-and-Payment-Allian ce-International-Bring-Cardless-Cash-to-Consumers-at-Retail-Locations) they’ll begin shipping 70,000 new ATM terminals that will allow customers to use the Touch-ID on iPhones.
Customers will be able to download an app and use their phone and touchpad to remove cash from their accounts without using a card or password. The transaction is thought to be much safer than traditional ATMs.
Bank of America (http://promo.bankofamerica.com/cardlessatm/?cm_mmc=DEP-General-_-vanity-_-DG01VN001 L_cardlessatm-_-NA) also announced in June that its customers will soon be able to use Apple Pay and an app to withdraw money