A Report on Global ATM Frauds

            
 
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Case Details:

Report Code : BREP041
Report Length : 30 Pages
Period : 2000 - 2005
Organization : -
Pub Date : 2007
Teaching Note : Not Available
Countries : World
Industry : Banking and Financial Services

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Introduction

The advent of the Internet and the introduction of the Automated Teller Machine (ATM) have been vital technological developments that have revolutionized the banking and financial services industry by enabling it to operate in a 24X7 environment.

An ATM enables customers to access their bank accounts any time and anywhere according to their convenience, while the Internet offers them the privilege to transact from the convenience of their homes.

These developments have resulted in storage and transfer of data online between different parties who are present at different physical locations.

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This has presented an opportunity to fraudsters to manipulate the hardware or software at the ATM to steal sensitive personal information of the customer or withdraw cash from the customers account.

Some of the frauds even occur when customers receive deceptive emails from fraudsters pretending to be from their bank and request their personal information.

The fraudsters use this information to steal cash from the victim's account. With the increase in occurrence of identity thefts and ATM frauds, financial institutions have initiated measures to improve the security at their ATMs.

Financial institutions have also taken measures to enhance the awareness among customers of the need to safeguard their personal data.

These efforts seemed to have been beneficial as the number of ATM fraud incidents reported globally has gradually decreased from 2003 to 2005.

The Development of the ATM
The Barclays Bank PLC in London was the first bank reported to have introduced ATM services in 1967. However, the installation of ATMs on a larger scale only began in the mid-1980s (Refer Table I for development of the ATM– a time line)...

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