ATM Jackpotting attacks have recently moved from Mexico to the United States. This relatively new phenomenon, utilizes a malware known as Ploutus-D, which compromises components of a well-known multivendor ATM software to gain control of hardware devices such as the dispenser, card reader and pin pad – allowing thieves to dispense all the cash within the machine in a few moments.
EMV has put a heavy burden on financial institutions. New chip-ready cards have increased the costs of running credit and debit programs not to mention the headaches of slow turnaround on the development and issuing of the new plastic.
What many banks and credit unions may not realize is the additional risks they may be taking by waiting to upgrade – including a significant increase in monetary risk.