Legislation to Regulate Independent ATMs Could be on Horizon

WASHINGTON – According to wire service reports, Senator Charles Schumer (D-N.Y.) plans to introduce legislation in 2004 that will mandate licensing and background checks for independent organizations and individuals that place ATMs. Reacting to the arrest of three men who had used an ATM fraudulently to steal $225,000 from Manhattan cardholders, Schumer declared that the crime would not have been possible had there been proper regulation in place. “These aren’t ATMs, they’re ITMs – Identity Theft Machines. There’s an old saying that you can steal more money with a briefcase than with a gun. Well, now we see that a fake ATM beats a gun and a briefcase,” Schumer said. “If common sense measures like background checks and licensing requirements had been in place, these guys wouldn’t have been able to get their hands on an ATM and wouldn’t have been able to rip off innocent ATM users. The Feds need to step up and take care of this before more people get robbed.” Schumer noted that the owners of the East Side candy store in which the fraudulent ATM was located had no idea that they were not dealing with a legitimate financial institution.