It may be no surprise to hear that card fraud and synthetic fraud are still growing, but newreports from FICO and TransUnion suggest things might be startingto slow down a bit.

FICO's latest data, gathered from one of its services thatmonitors hundreds of thousands of ATMs and other card readers inthe United States, showed a 10% jump in the number of debit cardscompromised at U.S. ATMs and merchant readers in 2017. The numberof compromises at ATMs and devices also rose 8%. Both hit all-timehighs.

“The number of compromises and the number of card membersimpacted set a new record last year,” FICO Vice President ofFraud Solutions TJ Horan said. ”While most devices are safe,fraudsters are developing new technology and methods for hackingATMs. This is why it's important for consumers to be cautiouswhen withdrawing cash, and also for them to check their accountregularly and confirm that all the transactions on their debit cardare legitimate.”

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.