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ATM Fraud: Risky Business

Recent ATM breaches mean CUs must teach members to take precautions when using the machines.

By Michael Fryzel | Updated on October 31, 2017

It’s not uncommon to see a commercial or an advertisement by a bank or credit union boasting that their debit or credit cards can be used at ATMs across the country. The convenience of allowing individuals to get cash anytime and anywhere is a major selling point for a financial institution. The greater the number of ATMs in their system the bigger their boasting rights about easy, quick access to funds. All is well and good until those ATMs put the user at risk of serious financial harm and potentially years of trying to fix their credit and regain their financial integrity.

The most recent breach involving ATMs at Walgreens stores and some bank facilities in Chicago has put users on edge and should raise concerns at the offices of financial institutions and ATM providers. Clearly the machines can be compromised and this latest incident seems to indicate it may not be that hard to do.

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Michael Fryzel

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