Call it a nasty byproduct of the coming rollout of EMV(aka chip-and-PIN) debit cards but the frightening news is thatmany ATM experts now predict a 2014 explosion in old-fashionedmagnetic stripe card fraud at ATMs as criminals enjoy a lastrobbing frenzy.
“The United States is now the weak point. We are the last majormarket to convert to EMV cards,” said Mike Urban, a financial crime expert with Brookfield, Wis.-basedFiserv. He ominously added that Canada had a “serious” skimmingproblem but now that it has largely converted to EMV cards, “thosecriminals are coming across the border.”
“The U.S. is one of the last bastions for criminals to skim. Ithink it will be a feeding frenzy,” said John Buzzard, a fraud expert at FICO.
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