A new story about fraud experts in Mexico who have discovered an unusual ATM skimming device that can be inserted into the mouth of the cash machine’s card acceptance slot and used to read data directly off of chip-enabled credit or debit cards. John Gunn, VP at VASCO Data Security commented on the chip card ATM ‘Shimmer’ found in Mexico.
John Gunn, VP at VASCO Data Security :
“ATMs are designed for magnetic stripe cards and PINs, which are severely outdated and about as secure as a user name and password. This is why ATM skimming remains one of the leading causes of fraud losses for banks. As online and mobile banking become more secure, we will see a big increase in ATM attacks. Innovative banks are already moving away from cards and PINs to using their mobile app to increase ATM security. By integrating a customer’s mobile phone into the process, we can detect ATM fraud in more than a dozen ways and virtually eliminate the threat of skimming.[su_box title=”About VASCO Data Security” style=”noise” box_color=”#336588″]VASCO Data Security is a world leader in authentication and digital signature solutions. It protects 10,000+ brands and many of the world’s top 100 banks and financial institutions. Leading hospitals and healthcare organizations trust its solutions to protect access to patient data, support e-RX and EHR, and satisfy regulatory compliance.[/su_box]