Staying One Step Ahead of Hackers: ATMs

ATM cyberattacks

Automated teller machines (ATMs) are a prime target for hackers. 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.

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