Aite Group’s study finds that 73% of executives believe cybercrime will pose a severe threat to ATM security in three years’ time.
Boston, November 29, 2016 - According to the latest Aite Group study, 68% of U.S. executives currently rank ATM skimming a severe threat. As EMV cards are issued and ATMs are upgraded to accept EMV chip transactions, some of this type of fraud should decrease. But this is only one major type of fraud. Other parts of the world where EMV was rolled out many years ago have been experiencing significant threats not yet directed toward the U.S. market. As the U.S. shifts toward EMV-compliant ATMs and fraudsters evolve to new methods, FI executives anticipate that cybercrime will eclipse skimming as the greatest threat to ATM security.
“Organized hacking and malware threats have resulted in huge losses overseas; FIs in the U.S. must be proactive in preparing to protect ATMs,” warns Aite Group senior analyst Shirley Inscoe. “Determine the vulnerabilities present in your current machines as well as the networks your FI participates in.”
Aite Group’s latest report, ATM Fraud: Increasingly Organized, explores the current fraud environment in the United States as well as some of the threats financial institutions must prepare for. It is based on a Q4 2016 Aite Group survey of 63 executives at U.S. financial institutions.
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About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.