Threat of the Week: Experts Predict ATM Fraud Explosion
Call it a nasty byproduct of the coming rollout of EMV (aka chip-and-PIN) debit cards but the frightening news is that many ATM experts now predict a 2014 explosion in old-fashioned magnetic stripe card fraud at ATMs as criminals enjoy a last robbing frenzy.
“The United States is now the weak point. We are the last major market to convert to EMV cards,” said Mike Urban, a financial crime expert with Brookfield, Wis.-based Fiserv. He ominously added that Canada had a “serious” skimming problem but now that it has largely converted to EMV cards, “those criminals are coming across the border.”