Report: ATM/Debit Card Fraud On The Rise

May 14, 2009

Half of financial institutions experienced fraud complaints as a result of major data breaches

Credit card fraud may get most of the publicity when it comes to identity theft, but ATM and debit card theft is expected to grow 10 to 14 percent this year, according to a survey of financial institutions released today.

It turns out the study was well-timed, too: Police officials in New York City yesterday reported that a fraud ring had stolen $500,000 from hundreds of bank customers’ accounts in the city using skimming devices affixed to ATM machines at Sovereign Bank branches in Staten Island. The skimmers read and stored their account information, and a rogue camera affixed to the machines captured victims’ typing in their PIN numbers. They also used the information to clone the cards, according to published reports.

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