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Fighting ATM Cash-Out Schemes

(Bank Info Security) A recent ATM cash-out scheme that netted $45 million puts a spotlight on the need for fraud prevention measures, says John Buzzard of FICO’s Card Alert Service.

U.S. accounts are prime targets for these attacks because of outdated payment-card technology and ineffective transaction monitoring systems, Buzzard contends.

The U.S. “is a playground for these criminals,” he says. Magnetic-stripe card technology, which remains the standard in the U.S., is just too easy to counterfeit, Buzzard says in an interview with Information Security Media Group…read full article

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