NYCE Forum turns up ways to fight ATM fraud

<p>NEW YORK – Over 200 financial institution executives recently attended a Risk Management Forum that addressed ATM fraud prevention sponsored by Woodcliff Lake, New Jersey based-NYCE Corporation. Sparked by last year’s ATM counterfeit card incident here, the forum was designed to create an open dialogue to help contain any future fraud-related losses. The “fraud busting” suggestions covered included the following: </p> <p>Develop a comprehensive action plan for use in the event of a counterfeit card situation. </p> <p>Make sure you have the capability to block large numbers of cards quickly, should the need arise. </p> <p>Take immediate action on cards reported as “block and reissue” by your fraud detection service provider. </p> <p>Prepare for prompt customer outreach (developing letters, phone scripts, etc.) that will precede and/or accompany your block and reissue of cards. </p> <p>Review your card production procedures to ensure that your card vendor can expedite the reissue of cards. </p> <p>Remind cardholders to report suspicious activity at ATMs to the terminal owner and provide tips about safeguarding PINs. </p> <p>Terminal deployers should plan to implement Triple DES and remote key loading upgrades.</p>