Many financial institutions prefer to “run their own ATMs.” For some, it is because that is how it has always been done. For others, it is because they believe they can offer better and more reliable service that meets their brand image and cardholder expectations. But the truth is they are already outsourcing the ATM operations – and likely losing money on the deal.
In today’s high-tech society, personal security has become a real concern for consumers. The rise of identity theft and financial fraud has begun to regularly make the news – from small financial institution (FI) debit/PIN hacks to major retailer breaches such as Target and Neiman Marcus. A recent study from LexisNexis reports annual fraud reached $32 billion in 2014, a 38 percent increase from 2013.
We all know about the increasing amount of card fraud occurring in the United States. Home Depot, Target, Neiman Marcus, Kmart, Staples, popular Asian-style restaurant P.F. Chang’s and Goodwill Industries are only a few of the most recent card breaches consumers have seen in the past year.