New ATM Technology Foils Fraudsters Some new technology now being incorporated into automated teller machines (ATMs) is designed to thwart the most common type of ATM fraud: skimming. ATM maker Diebold said that its new ActivEdge card reader is the industrys first complete anti-skimming card reader prevents all known forms of skimming. Skimming is a practice where thieves insert their own card reader into your local ATM. When customers insert their cards into the ATM, it’s not just the bank or credit union that reads the magnetic strip: thieves get a good look as well. Diebold said its new card reader requiring users to insert cards into the reader via the long edge, instead of the traditional short edge. By shifting a cards angle 90 degrees, the company said, ActivEdge prevents all modern skimming devices from reading the cards full magnetic stripe. This prevents these devices from being able to steal card data. According to Diebold, ActivEdge prevents stops criminals from using their favorite skimming modes, including external skimming, internal skimming, USB sniffing and device substitution. The device is also designed to stop “trapping and fishing” attacks. These happen when thieves modify the ATM to trap customer cards for later retrieval. ActivEdge features an automatic gate-locking feature that the company said prevents fraudsters from freeing trapped cards. If you’ve ever gotten a call from your bank or CU, informing you that your card has been compromised, there’s a decent chance that skimming was involved. So, it’s a good thing that new technology is being brought to bear against ATM thieves. Copyright Today’s Credit Unions Link: diebold #ATMFraud #ATMSkimming
Posted on: Mon, 11 Aug 2014 17:32:49 +0000
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