Cash-out Attacks & How to Prevent Them

So, you’re standing at the gas pump and you slide your bank card through the machine for payment. Little do you know, that one swipe can leave you in a compromising position. Cashout attacks, like Jackpotting, are no joke. They happen to the best of us. In fact, over 11.5 million dollars of unauthorized transactions were taken at a bank in India. Millions of people are victims of cash-out attacks in the U.S alone. So how do you prevent this fraudulent activity from finding you? These preventive steps will help you gain a better understanding of cash-out attacks and what to look for.

What’s a Cash-out Attack?

In August 2018, banks across the country were warned of malware attacks that could threaten the ATM ecosystem. This alert took banks to the next level with security. Whether you’re withdrawing funds from an ATM or paying for gas at a station pump, you could be a victim of a cash-out attack. These frauds occurs when the criminal(s) have installed software (malware) onto an ATM machine. This allows the criminals to gain complete access to your funds by digitally tracking your account. Memorial Day of 2016, attackers managed to siphon $570,000 from a bank, according to resources.

Protect and Prevent

Because Denver ATM services is susceptible to these attacks, the Colorado Bureau of Investigation suggests reporting all questionable activity to law enforcement right away. But how does one know how to spot it before they are victimized? In order to better protect your financial states, banks are taking these steps to ensure ultimate safety.

Multiple Authentication

Additional password authentication such as one-time password usage will decrease your chances of fraud. Every few months, choose a password that has a scheduled expiration time. This will keep your accounts active and secure, leaving little to no trace for criminals.

Digital Signature

Your digital signature adds a security feature that makes it impossible for criminals to mimic. From shopping to online buying, a digital signature will increase security because of code-signing techniques that allow the bank to recognize that you are authorizing that transaction. Digital signatures are especially recommended for an event ATM in Denver where the population of people is high.

Securing Privilege Right

Believe it or not, you could actually be giving criminals access to your bank account without realizing it. In order to prevent this, remove admin rights to any network online. This will prevent attackers from trying to move in and install malware and pretending it’s you.

Do you have questions about ATM processing in Colorado? Perhaps you need an ATM for an upcoming event. Mile High ATM services are here to confidently answer your questions and provide an ATM for your needs and business. Contact us today for more information!