ATM security threats are on the rise
Automated teller machines (ATMs) are a prime target for hackers who carry out attacks such as ATM Jackpotting. Why? The amount of money inside of them and the easy access to obtaining it. Some ATMs are filled with over $2,000 a day. That’s $14,000 a week. And $56,000 a month. Give or take the money going out from transactions, that is still a hefty sum of money. Eleven years ago, in 2008, the estimated sum of money lost to ATM attacks was over $1 billion. That sum is likely to have increased as hackers’ skills improve and the ways in which they go undetected are becoming more sophisticated. Financial losses are not the only cost. A loss of reputation and customer loyalty comes with ATM fraud. ATM related fraud increased by 26% from 2015 to 2016, with 23,588 attacks in the latter year, indicating the critical need for cyber security in financial institutions.
Read our whitepaper on how Sepio’s HAC-1 helps mitigate ATM security threats through the physical layer.
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