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April 12, 2010

ATM fraud in Europe tumbles

by Richard Kilner

Story link: ATM fraud in Europe tumbles

The European ATM Security Team (EAST) has reported that ATM-related fraud losses have plunged by over a third (36%).

In 2009, losses fell from €485m to €312m, with annual losses from card skimming also down (for the first time since 2004) from €484m to €310m.

In addition, international card skimming losses fell by 43% from €393m to €226m.

The decline in crime is attributed in part to the 94% completion of the EMV-roll out (aka chip and PIN) in European ATMs, with counter-fraud measures, monitoring and detection cited as other reasons for the improving situation.

However, chip and PIN has come under attack from researchers at the University of Cambridge who have described the system as seriously flawed.

The researchers did state that criminals attempting to trick a card into thinking it is doing a chip-and-signature transaction rather than chip-and-PIN were unable to take advantage of ATM withdrawals and could not use such a method once the card had been cancelled.

However, whilst the overall losses have fallen substantially, the actual number of attacks has increased by 8% to 13,269, with a 209% rise in card trapping (up from 701 to 2,166).

EAST Director and co-ordinator Lachlan Gunn emphasised that the figures represented Europe generally, and the situation in individual countries could differ significantly from the average.

 

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