How layered security can help prevent $150,000 losses from ATM attacks
Owing to the increasing frequency, diversity and sophistication of ATM attacks, banks must rethink and modernize security in order to better circumvent ATM crime and protect their bottom line
Automated teller machines (ATMs) are a hallmark of financial convenience. Prior to their creation, consumers were bound to the limited opening hours of their bank and the assistants who served them if they wanted to withdraw some cash. Today, thanks to 3.2 million ATMs globally, this is no longer the case. ATMs are the most used method of consumers physically interacting with their banks, primarily because they are accessible 24 hours a day, seven days a week.
Unfortunately, the unquestionable convenience and accessibility of ATMs is also the source of their greatest downfall. Being both unguarded and money-loaded, they are an obvious target for criminal activities and low-risk, high-reward theft opportunities for perpetrators. It is for this reason that 2020 experienced a drastic uptick in the number of ATM heists across the United States.