Call it a nasty byproduct of the coming rollout of EMV (aka chip-and-PIN) debit cards but the frightening news is that many ATM experts now predict a 2014 explosion in old-fashioned magnetic stripe card fraud at ATMs as criminals enjoy a last robbing frenzy.
"The United States is now the weak point. We are the last major market to convert to EMV cards," said Mike Urban, a financial crime expert with Brookfield, Wis.-based Fiserv. He ominously added that Canada had a "serious" skimming problem but now that it has largely converted to EMV cards, "those criminals are coming across the border."
"The U.S. is one of the last bastions for criminals to skim. I think it will be a feeding frenzy," said John Buzzard, a fraud expert at FICO.
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:
- 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
Already have an account? Sign In Now
© 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.
