ATM Frauds and Solutions

ATM Frauds and Solutions


ATM FRAUDS In general ATM fraud can include any deliberate 'criminal' technique which involves the use of an ATM to obtain something of value. Attacks against ATMs may be classified as ATM physical attacks and ATM fraud.

Growing ATM Threats

• More than 70 percent of financial institutions experienced an increase in ATM/debit card fraud claims in 2011
• The U.S. Secret Service reports $8.5B in annual U.S. credit card fraud losses, including ATM skimming.
• Ram raids are those threats when criminals physically break out ATMs from the wall at the institution.
• Criminals go through the financial institution's telephone banking service to change PIN numbers.. 

Types of ATM Frauds 

• Card Theft 

• PIN Compromise 

• Card Skimming 

• Cash Trapping 

• Transaction Reversal 

• Deposit Fraud. 

What is ATM Skimming 

• ATM skimming Device card reader which can be disguised to look like a part of the machine. The card reader saves the users' card number and pin code, which is then replicated into a counterfeit copy for theft. 

• It help criminials in

   a) Knowing Account information 

   b) Pin compromise 

• ATM card entry slot skimmers have various shapes and sizes

How PIN is Compromised

 • Its obtaining debit card information by unauthorized individual. 

• Shoulder surfing or using use of a miniature camera. 

• Video surveillance 

• Hidden video camera 

• Overhead cell phone camera 

• Remotely positioned cameras 

• PIN pad overlay

ATM System Attacks 

• Criminal attempts to penetrate ATM network, violate confidentiality, integrity, and/or authenticity of transaction data. 

• Malicious software (i.e., viruses, worms, Trojans, rootkits, etc.) installed on ATM’s computer systems

How to avoid ATM Frauds 

• Fraud Prevetion 

• Physical Protection 

• System Security

• Intellegent Monitoring 

• Consultancy 

• Consumer Safety

Fraud Prevetnion 

• Shield your hand when you enter in your PIN 

• Ensure that no one is peeking or shoulder surfing while you are entering PIN. 

• Avoid using ATMs in isolated locations 

• Always prefer ATM machines near Bank Branch.
ATM Skimming • Never follow a link in a bank email notice if you find it suspicious. visit your banks website and search for latest updates. 

• Examine the ATM equipment carefully for any skimming devices. • Look for 'extra' cameras other than general ATM security camera. 

• Check the ATM card Slot properly before using it. 

NEVER EVER RELY ON UNKNOWN PERSON
• Use of Up-to-date Technology 

• Security CCTV Cameras 

• Alarm Clock 

• Safe and locks 

• Video monitors in junction with sensors. 

• Ensuring Best Location for ATM deployment. . Physical Protection of ATM for Owners

• Very high security level 

• Alarm System 

• Branded and Top Quality Machines 

• Latest Software and Technology 

• Enhanced Card Reader Slots Choose an ATM Service Provider which gives

CONCLUSIONS 

• Choose your ATM machines carefully

• Prefer ATMs near Bank • Don´t let anyone distract or assist you 

• Cancel your card immediately if it is lost • Check the card slot carefully 

• Ensure that there are no hidden cameras

THANK YOU

Top 10 Facts You Didn’t Know About Automated Teller Machines (ATM)

How many of these fun facts did you know about automated bank teller machines (or ATMs, for short)?

1.   Believe it or not, the first cash dispensing machine was invented by Luther George Simjian way back in 1939.   The mechanical dispenser was installed in New York City at the City Bank of New York but was removed after only six months due to lack of customer acceptance.

2.   Simjian later lamented that, “the only people using the machines were a small number of prostitutes and gamblers who didn’t want to deal with tellers face to face.”

3. Simjian had another invention that was much more successful during that era: a simulator that could be used to train aviators in identifying types of aircraft and determining their distance and speed.   During World War II, the U.S. Navy bought more than 2000 of them from Simjian.   The number of ATMs he sold during that same period: 0.

4. The first modern electronic ATM was installed in Enfield Town in North London, United Kingdom in 1967 by Barclays Bank.   Instead of cash, though, the ATM dispensed vouchers.

5. The first free standing electronic ATM was installed in 1969 by Chemical Bank at its branch in Rockville Centre, New York.   This device was the first machine to use the magnetic stripe on plastic cards.

6.   ATMs didn’t begin to proliferate until 1973, when 2,000 of the machines were sold and distributed across the United States.   Not everybody was happy; bankers at the time were concerned about the machine’s price tag: $145,000 (in 2009 dollars).   Today an ATM can be bought for under $3000.

7. Sixty percent of Americans ages 25-34 and 51% ages 25-49 use ATM machines eight times per month, withdrawing an average of $55.00 per transaction.

8. TGIF: The most popular day for ATM use is Friday.   On a related note, night clubs with ATMs end up keeping 70-80% of the money dispensed from their cash machines.

9. The United States currently has more ATMs than any other country — but their numbers are dropping.   The Boston Globe reports that after peaking at 396,000 in 2005, the number of US-based ATMs fell to 360,659 in 2007.

10.   Japan has more ATMs than any other country on a per capita basis.   The next four countries in order: Spain, South Korea, the United States, and Canada.

SBI ATM to ATM Money Transfer process

State Bank of India (SBI) is the state-owned largest banking and financial services company in India by revenue, assets and market capitalization. SBI is also known as “Banker to every Indian”. SBI provides State Bank ATM-cum-Debit Card facility through which an SBI accountholder can withdraw cash or do many stuffs FREE through any of over 26,000 ATMs of State Bank Group within the country. Now you dont need to visit the branch or login to your Online SBI Account to transfer money to the SBI beneficiaries (to whom money is to be transferred). Instead you can use SBI Card to Card Transfer facility provided by SBI.

How to Transfer Money through State Bank ATM

If you require transferring some money from one SBI Account to another SBI Account through State Bank ATM, you can see there is no option to transfer directly to SBI bank account. Instead, you can make use of card to card transfer from SBI ATM. In card to card transfer, the money in your account gets transferred to account number of beneficiary’s debit card number of state bank group. As a result, you can say it that card to card money transfer is the same as transferring money to another bank account..

Steps to Avail Card to Card Money Transfer Facility

To manipulate State Bank card to card fund transfer facility you can follow the following steps: 

• Swipe your debit card of State Bank of India (SBI Debit  Card).
• Choose Transfer option (from the various option listed on the screen after swiping your ATM card. Transfer option could be seen at the right bottom side of the ATM screen.).
• Enter the PIN (after selecting Transfer option you will be asked to Enter the PIN)
• Choose Card to Card Transfer option (from the various option listed on the screen after entering the PIN.).
• Enter Beneficiary’s Debit Card Number (you have to enter the 19-digit debit card number of the beneficiary to whom the money is to be transferred).
• Enter Again Beneficiary’s Debit Card Number (you will be asked twice to enter the debit card number of the beneficiary for confirmation).
• Enter Transferable Amount (you can now enter the amount of money which you want to transfer to the beneficiary’s account).
• Select account type (you will be asked to choose your account type from either Savings or Checking).
• Transaction Completed (your transaction is completed now and the amount of money is credited instantly to the recipient’s account).

Things you must have for SBI Card to Card Transfer

For availing SBI Debit Card to Debit Card money transfer facility you must have these two: 

• your debit card, and
• debit card number of beneficiary (to whom money is to be transferred)

When and Where Card To Card Transfer can be Availed

SBI debit card to debit card money transfer can be used to shift money from one SBI account to another SBI account. This facility is available on all the 26,000+ ATMs of State Bank group and 24x7 (round the clock).

SBI Card to Card Transfer Limit

A present, limitation for State Bank of India card to card transfer facility is: 

• Per transaction limit- You can transfer a maximum of Rs 15,000/- per transaction.
• Per day limit- A maximum of Rs 30,000/- can be transferred per day from one debit card to another.
• Number of transactions limit- An SBI ATM cardholder can do at most to transactions per day for card to card money transfer.

More Info on SBI Transfer Cash

For more information on SBI card to card money transfer facility one can visitofficial website of State Bank of India i.e. www.statebankofindia.com. Alternatively, you can make call SBI customer care toll-free numbers at 1800-425-3800 or 1800-112-211 round the clock for any type of service related confusion or further queries. 

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