Independent Banker - July 2018 - 22

PORTFOLIO
Jackpot for criminals?
Security
With all the attention paid to online fraud
issues, it's easy to forget that bank teller
machines are still being targeted by money-hungry
crooks. And, over the years, these criminals have
become more sophisticated in their attacks. By Karen
Epper Hoffman
ark Autrey isn't sure if ATM fraud is on the rise,
based on his limited sample of just seven ATMs. But
he does see criminals' methods as " ever evolving. "
Autrey is the chief information officer at $355 million-asset
Four Corners Community Bank in Farmington,
N.M. " As we find ways to combat known methods, " he
says, " the criminals come up with new ways to work
around newer technology.
" Shimming is slowly replacing skimming as more terminals
become EMV-compliant, " he adds. " Cash traps
are increasing due to the ability to make cards easily with
3D printers. "
While the spotlight is shining bright on online fraud and
security, community banks know that ATMs are still a prime
target for criminals looking to score quick cash. And, with
22 Q ICBA Independent Banker Q July 2018
M
more than 425,000 ATMs currently in use across the country,
there are a lot of ready targets for them to hit. In March,
credit scoring company FICO reported that the number of
debit cards compromised at ATMs and merchant devices
in the U.S. rose 10 percent in 2017 over the previous year.
In 2016, ATM fraud jumped a full 70 percent over 2015,
according to FICO.
" Fraudsters continue to get more sophisticated, and it
shows, " says Al Pascual, senior vice president of research
and head of fraud and security, Javelin Strategy & Research,
a Greenwich Associates LLC company. The number of ATM
fraud victims in the U.S. has increased more than 50 percent
in only a year, from 403,000 in 2016 to 614,000 in 2017,
according to Javelin. " They are sourcing card numbers and
PINs more effectively by gaining access to ATMs to install
skimming devices that are wholly undetectable from the
outside, making the lives of vigilant consumers and bank
security officers more difficult, " says Pascual.
Evolving fraud
Mauriceo Castanheiro, director of fraud analytics for Verafin,
says, " Fraud has been migrating to the digital channel over

Independent Banker - July 2018

Table of Contents for the Digital Edition of Independent Banker - July 2018

Table of Contents
Independent Banker - July 2018 - Intro
Independent Banker - July 2018 - Cover1
Independent Banker - July 2018 - Cover2
Independent Banker - July 2018 - Table of Contents
Independent Banker - July 2018 - 2
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