Security Management White Papers

Could Growing ATM Fraud Accelerate US Conversion to the Chip Card?

• Tags:
• security management,
• fraud,
• atm,
• cards

Overview The real cost of ATM fraud in the US is approaching $200 million a year and rapidly increasing, despite industry efforts to improve security and customer education. Smarter criminals work on a larger scale using the latest technology. Other regions of the world are replacing magnetic stripe payment cards to address this rising tide of fraud. Perhaps the US should consider introducing chip cards into its ATM networks before the situation gets out of control.

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