Bank

Banks Need To Be Forearmed Against Potential ATM Hacking

Financial institutions and bank ATM installation companies should be wary of possible ATM hacking by unscrupulous individuals that will unduly drain their business coffers.

 

The FBI has issued a warning to financial organizations about the possibility of their ATMs’ becoming targets of hacking attempts.

 

The possible risk appeared at Krebs on Security, a blog on cybersecurity by Brian Krebs, a journalist.

 

What is ATM Hacking

 

In this context, hacking is illegal intrusion of information relative to an account, among others.

 

According to Krebs, the scheme is known as “ATM cash-out”. This involves attackers stealing bank and card processor information and use these to take out large sums from any ATM in the globe.

 

This is an issue in which bank ATM installation companies and other key players can contribute solutions to.

 

What Could Be Done

 

Records of hacking incidents show that perpetrators of this criminal act are very innovative and technology savvy.

 

Hacking reports reflect the use of malwares, and a device called “Black Box” that sends cash dispensing commands and subsequently cause money to be released from an ATM machine.

 

Considering the potential extent of damage of a hacking incident, banks and financial institutions should be forearmed against such eventualities.

 

Starting with the ATM user, he should be able to report to bank or police authorities any suspicious-looking thing or protrusion in the machine that he is using, and to cancel ATM use or transfer to another ATM station if possible.

 

Anything unusual in the ATM machine environment should send the user to report to concerned authorities. Also, sharing of important account details such as ATM pin should be avoided.

 

Banks on the other hand would find it advantageous to invest for the services of an IT expert whose concern is to keep watch on hacking potentials, and make anti-hacking recommendations such as the integration of the machine learning or AI technology in bank operations.

 

Recommendation for Bank ATM Installation Companies to Avert Hacking

 

One entry point in the work of safeguarding against hackers is the ATM installation.

 

Financial institutions could engage the services of bank ATM installation companies who have improved features in their machines, like the use of AI software that could detect potential fraud such as Black Box attacks.