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ATM & PIN Fraud: Bank and Consumer Losses are More Severe (and the Problem is Growing)
Javelin Strategy & Research, April 2010, Pages: 27
The security of ATMs is often taken for granted, with attacks on ATMs largely unreported in the media. Yet such attacks do occur, and appear to be growing in frequency and sophistication. Skimming attacks, the most basic, are being replaced with attacks on the software inside ATMs and ATM networks. Additionally, criminals know how to phish for PINs using SMS text, as well as how to change the PIN on a stolen account via stolen personal information and helpful customer service centre representatives to takeover an account. The good news is that ATM vendors are making hardware and software changes, and there is a nascent effort to educate the public about these attacks. This report looks at ATM attacks and mitigation, how ATM PIN fraud affects the consumer relationship, the importance of branding on consumer trust of ATMS, and consumer preferences for advanced ATM authentication.
Primary Questions:
- What types of attacks are perpetrated by criminals against ATMs? What are the mitigations?
- Does Triple Data Encryption Standard (TDES) help or hinder security of ATMs?
- Are consumers aware of the signs of tamperedwith ATMs?
- How do fraudulent ATM PIN withdrawals affect the consumer relationship?
- How many consumers use ATMs?
- To what extent does branding help foster ATM trust among consumers?
- What are consumers’ most preferred methods of additional authentication at ATMs?
Methodology
This report references data collected online in November 2009 from 3,294 consumers, representative of the U.S. population in gender, age, ethnicity and income. Overall margin of sampling error is ± 1.71 at the 95% confidence interval. This report also references data collected in November 2009 via a standardized telephone CATI survey from 4,784 consumers, representative of the U.S. population in gender, age, ethnicity and income. Overall margin of sampling error is ± 1.4 at the 95% confidence interval. For questions answered by a proportion of all identity fraud victims the maximum range of sampling error varies and is greater than ± 4.4% at the 95% confidence interval.
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