Most card issuers have their EMV migration strategies firmly in place and now need to turn their attention to plans for migrating their ATM fleet. NCR and Diebold both are warning customers that due to the increased incidents of fraud by skimming, financial institutions may want to consider taking action quickly:
NCR believes the attacks are growing in the U.S. because it’s an easier target. Owen Wild, director of security marketing at NCR said operators in America have yet to deploy as many anti-skimming technologies and techniques as other countries have. And many operators have yet to implement EMV chip technology at ATMs with the liability shift still at least a year away. (MasterCard’s ATM liability shift date is October 1, 2016 and Visa’s is October 1, 2017. However, most ATM operators accept both, which makes 2017 irrelevant for most, because they have to be compliant for MasterCard anyway.)
To add a further sense of urgency to the matter, it is estimated that ATM operators lose $50,000 on average for each skimming fraud incident that attacks their machines.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group.
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