An FBI warning of a Cash Out attack which involves the use of ATMs, proved all too credible. The warning is very likely related to a massive attack on the Cosmos Cooperative Bank in Pune, India where thieves made off with $13.5 Million. Outsource ATM is happy to provide tips on how to protect your financial institution from these types of attacks.
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.
ATM software experts warned that the Windows 7 migration was sure to be short-lived. And as predicted, Microsoft made the official announcement early last year – Windows 7 extended support will end on January 14, 2020. Learn what you need to be doing now to prepare for the migration to Windows 10.
Fraudsters continue to target the U.S. market by manipulating card information and the card-insertion process via skimmers. Using these best practices, bank and credit unions can prevent fraud and EMV fallback transactions.
Due to low interest rates, persistently stagnating opportunities to improve profitability through returns on assets and other factors, financial institutions have turned elsewhere to generate revenue growth – focusing instead on lowering their efficiency ratio.
Using consumer information to build offers and interactions specific to an individual is not really a new technique…but it is an effective one and can help to build loyalty for financial institutions in a time when accountholders can easily change institutions with a few clicks.
Consumers have been frustrated by the EMV process at the POS because they are unfamiliar with the way the transaction works and it is not universal at all POS terminals. The result is confusion and longer transaction times as both merchants and cardholders wade their way through the learning process. While cardholders may be disappointed at the length of time an EMV transaction takes, the process will speed up once they are more familiar with the steps and know exactly when it should be used. The key to avoiding these problems for a smoother ATM transition is to create a unified experience. It is up to FIs and their ATM networks and suppliers to make this happen.
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.
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.
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.