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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