Cash Machine Fraud On The Rise In Britain

from the money-grows-in-ATMs dept

While banks may not inform some of their customers if their credit card numbers have been stolen, it looks like they're also not doing a perfect job of preventing ATM fraud either (at least in Britain where the problem has almost doubled). Across the pond, Brits withdraw about £144 billion each year, and cash machine fraud hit £61 million in the past year. So really, the problem is a fairly small percentage of the total transaction amounts. But still, it's not like thieves are pulling a Superman III (or Office Space, if you prefer) heist by taking a fraction of a cent on every dollar. A few million here or there should also be a bit of an incentive to improve security measures. Apparently, there are already a few improvements on the way, some of which are not really all that new -- like adding a security chip on the card itself -- and they've reduced fraud by half elsewhere. Though, it's only a matter of time before those measures are breached, but that should give us plenty of time to get used to various biometric technologies.

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