If your credit union operates ATMs in remote locations like convenience stores or shopping malls, a bank heist in Japan probably caught your attention.
According to news reports, fraudsters used 1,600 fake cards to withdraw money from multiple ATMs in Japan belonging to the same South African bank. In just a few hours, the coordinated attack – focused on ATMs in convenience stores – drained the bank of over $13 million.
While the magnitude of this fraud may be rare, it should give financial institutions pause to consider the level of security they have in place around their off-premises ATMs.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
