ATM fraud brushed over
BOSTON – Financial institutions are reluctant to invest in ATM security because the return on investment is difficult to measure, says Ariana-Michelle Moore, an analyst with Celent Communications, a Boston-based financial services advisory firm.
Moore says financial institutions do not seek to improve their ATM facilities until ATM fraudsters have hit them. "This was a surprise, considering that ATM criminals have used the advances in technology to devise more sophisticated ways of intercepting personal information at ATMs," says Moore.
In a report she released in July, Moore found that ATM fraud accounts for about $50–60 million in national yearly losses – a relatively small amount compared with $2 billion lost to credit card fraud
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