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Banks still struggling to keep off ATM fraudsters

By BRIGID CHEMWENO | November 2nd 2013 at 00:00:00 GMT +0300


Nairobi, Kenya: ATM thieves have reportedly made off with millions in cash and personal data. But most banks are now coming up with innovations to contain the upsurge in high-tech fraud.

According to the Bureau of Economics Federal Trade Commission, ATM fraud is much more common than crimes directed at ATM customers as they withdraw cash.

The frauds include inserting a ‘skimmer’ into an ATM card reader to steal customer’s PIN numbers and remotely “hack” into the software system running the ATMs in order to electronically divert funds into another account.

Skimmers are impossible to detect because the manufacturers of the devices have matched everything from colours of the particular banking branch to the brand of machine they perfectly work with.

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If you get hit by one of these fraudsters, they could easily and slowly drain your account without your knowledge.

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