atm management

ATM Jackpotting: Protect Your Machines

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.

4 Benefits of ATM Managed Service for Financial Institutions

4 Benefits of ATM Managed Service for Financial Institutions

There are many ways financial institutions currently define their ATM network. Some may call them “costly.” Others label them as an “account holder expectation” or a “hassle.”

Many banks and credit unions don’t realize that selecting the right ATM Managed Services vendor streamlines the channel operations and can turn a network from “costly” to “convenient.” ATM Management companies can easily provide this much-needed relief – providing financial institutions and their cardholders with a wide range of benefits.

Why Financial Institutions are Opting for ATM Outsourcing

ATM equipment can be expensive. The typical capital investment for ATM hardware ranges from $6,000 to $40,000 – depending on the size and operations capability of the machine. In addition to initial expense, financial institutions must perform ongoing operations and management to connect, maintain and service each ATM.

In some cases, regular operation requires contracts with third-party vendors. The institution will also likely incur personnel expenses to arrange and monitor each of the ATM functions. Finally, banks and credit unions must maintain ATM compliance for each machine – including hardware and software upgrades to meet security compliance, ADA (Americans with Disabilities Act) compliance and EMV chip-card compatibility.

Credit Union Times: 5 Ways to Reduce EMV Migration Costs

EMV migration is going to be an expensive endeavor for credit unions. Card issuance will require licensing of authentication IDs, and production of new plastics will now cost two to three times more than magnetic stripe cards. ATMs will also need new hardware and software. On top of all of this, credit union members will need to be educated on the new payments process.

Credit Union Times: ATM Stress Prompts Outsourcing

When it comes to ATM-related headaches, Tony Black, president of Baylor College of Medicine Federal Credit Union, has experienced a few migraines.

“We were sued once for allegedly not having a [fee disclosure] sticker on an ATM and we also had an ATM stolen out of the lobby of an office building,” Black, president of the $37 million, Houston-based institution, said.