A quarter of ATM fraud victims left their
financial institutions in 2009, according to research by Javelin
Strategy & Research.
The findings were a “cautionary tale” to US
financial institutions, according Javelin analyst Robert Varnosi.
ATM fraud made up 10 percent of all fraud in the US, with more ever
sophisticated criminals finding new ways to access or steal
consumer data.
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Financial institutions need to educate users
and put in place comprehensive, layered physical and software
security to mitigate risks, according to Mary Monahan, managing
partner and research director at Javelin Strategy &
Research.
“Despite the efforts by financial institutions
to protect consumers, the number of records breached rose 16
percent in 2009,” she said.
“Fraudsters have become more organised
globally and more sophisticated technologically and may increase
their attacks on ATMs in the US as neighbouring countries such as
Canada and Mexico move to implement EMV chip-cards, which protect
against skimming.”
The report is based on data collected from
4,874 consumers from a telephone survey.
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