NEW YORK -- Card-data thefts at automatic teller machines have hit the highest rate in two decades, according to a report in the Wall Street Journal.
Citing data from FICO, a credit-scoring and analytics firm, the newspaper reported that “from January to April 9, 2015, the number of attacks on debit cards used at ATMs reached the highest level for that period in at least 20 years.”
The incidents, in which thieves steal information from debit cards to make counterfeit plastic, are taking place at ATMs that are owned by banks, as well as independently owned cash kiosks in shopping centers, convenience stores and restaurants, the report stated.
Debit-card compromises at ATMs located on bank property jumped 174% from Jan. 1 to April 9, compared with the same period last year, while successful attacks at nonbank machines soared by 317%, according to FICO.
“These tremendous spikes in fraud are unprecedented,” John Buzzard, who manages FICO’s card-alert service,” told the newspaper
The company declined to disclose the total number of such incidents, citing contractual restrictions with its customers.
The incidents come as banks are racing to issue new credit and debit cards with computer chips that make it more difficult for thieves to create counterfeits. However, most ATMs don’t yet accept the new technology.
Click here to read the complete WSJ story.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.