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Cash-out Attacks & How to Prevent Them

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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!

 

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Have you explored these ATM security options yet

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ATM crimes have increased significantly over the last few years. They are on the rise, especially because many are yet to upgrade their terminals to EMV. The debit cards still carry the magnetic stripes which can be easily duplicated.

The popular attacks include card shimming and card skimming. The other attacks can include anything that varies from grab raids to high-tech attacks. Recently, there have been more unusual attacks like jackpotting and explosive attacks. The threats to ATMs evolve but so should the security measures. Here is a rundown on the security options that you can consider-

Knowledge

Knowledgeable technicians have better chances of spotting any tampering with the ATMS including malicious hardware units. So, being familiar with the ATM terminals is one of the best practices to save cash and sensitive information.

Placement of the ATMs

The placement of the ATMs also plays an impact on its security. The best would be to obtain a criminal activity report first before considering potential ATM locations. This report can suggest what type of security best suits the location. When ATMs are installed in safe locations for customers, they are also more secure for ATM owners.

Physical barriers

To prevent smash and grab attacks, physical barriers can play a great role. Concrete pylons and bollards can be used as physical barricades around the ATM. For an extra layer of security, anchor kits allow you to bolt the ATM to the ground. The anchor kits can withstand high impacts.

Security

The top cabinet on the ATM is the most vulnerable point for an ATM attack. To prevent unauthorized entries, upgrading the locks and managing the key access is a good option.

Software update

ATMs are susceptible to a number of cyberattacks. To protect an ATM from unauthorized downloads and malicious software, software updates in a timely manner are necessary. For more precautionary measures, updating the passwords and monitoring the technicians or employees accessing the ATM should be done regularly.

Investing in security management software

Remote diagnosis and monitoring solutions allow the ATM owners to operate and manage the ATMs in real-time. There are security softwares available that scan any unusual transaction or service activity at the ATMs. Any suspicious activity that might occur is recorded and the alert is sent to the concerned department.

For an added layer of security, alarms should be installed at the ATM access points. These will notify the site staff when the terminal site is breached.

With a combination of technology and preventive strategies, the risk to ATM terminals can be greatly reduced.

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Why is withdrawing cash on Wednesday important?

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Withdraw Cash Wednesday (WCW) is a new initiative by ATMIA to remind consumers that they should withdraw cash in advance for the major shopping day of the week which is Friday. It is basically a promotion to withdraw cash from ATMs on Wednesday. This initiative brings out more visibility of the usage of ATMs around the busiest times of the year.

This campaign did not only start to increase the usage of ATMs during the busy season but also to make the consumers aware what are some of the problems they might have to face during the holiday season while withdrawing cash.

The platinum sponsors of the initiative are Cardtronics and Allpoint Network. Although there have been mixed reactions when the initiative was announced, the initiative was strongly supported because of the reasons explained below:

Money Saving

There was once a survey by Bankrate.com that showed that around 24 percent of American adults had no money saved for emergencies like medical bills or when they were laid off. The basic strategy which is recommended to save money is to control spending using cash. And this is just not a personal opinion. The 2017 Health of Case Study by Cardtronics stated that 75 percent of consumers believed in paying in cash to save money. Cash proved to be an effective way to stop them from overspending. I personally feel that as well and it has always been effective for me to stay on budget and save money by using cash.

A healthy customer and retailer relationship to increase sales

Richard Kestenbaum who is a contributor from Forbes said that customer loyalty comes with a lot of things which includes understanding the customers and their needs. Quite obviously, customers want their options be it cashless or cash only. Around 89 percent of the American consumers like to have the option of various methods according to Health of Cash Study. 61 percent of the population does not like it when retailers do not accept cash even if they prefer to pay in cash. So, it only means that just like anything else more than half of the population likes to keep their options open to every payment method.

This is not only a good news for the consumers but also the owners of establishments because they could see a visible increase in their sales after this initiative. In a study sponsored by Cardtronics and conducted by an independent research firm Scansion, the sales in a drug store doubled with an ATM in the store.

According to “Global ATM Market and Forecast to 2022”, there are 66 percent ATMs that are nowhere near a bank branch and many of these offsite ATMs are not even owned by a bank. It is however, becoming easier for customers to find a surcharge-free ATM to access cash.

 

 

 

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ATM jackpotting: How, why, when? All you need to know about it…

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What is ATM Jackpotting?

To be acquainted with protecting any ATM, one first needs to know the latest trends,techniques, and defenses. ATM jackpotting is when hackers install malicious software on ATMs for the the machines to dole out money without any PIN requirement. For this, the thieves first gain physical access to the ATMs just like anyone else and install electronic equipments to start with their so-called art. The malware can either be from a mass storage device which sends a signal to the ATM to dispense cash or a separate dispenser (the one with malware) can be attached to the ATM by disconnecting the original dispenser.

 

What are the type of Jackpotting?

Jackpotting has basically two types- malware and black box.

1. The malware method can be from a mass storage device which sends a signal to the ATM to dispense cash. The malware can even be installed days before the actual crime occurs. In the meantime, the ATM dispenses cash normally form cash machine denver.

2. The Black Box method can be a separate dispenser(the one with malware) which can be attached to the ATM by disconnecting the original dispenser. The criminals drill out the serial ports in the ATMs in the facia thereby hijacking the EPP cable which then sends commands to spit out cash form cash machine denver.

 

Where did ATM jackpotting origin?

Jackpotting dates back to 2013, when the first attack occurred in Mexico and which slowly spread to other countries. Once successful, jackpotting finds the next weakest link. Coming to the United States of America, jackpotting has been targeted to standalone ATMs. It has popped up in New England and the Pacific Northwest. Jackpotting might seem appealing to criminals in the US due to the higher rate of currency than any other country.But the risks involved with getting caught are very high.

 

What has made jackpotting easy?

There isn’t one particular answer that can explain this trend of new crime. Like any other crime, hackers find financial fraud cyclical. By targeting a region where law enforcement is not as robust, the attackers take advantage of the ease of entry. When one region is locally attacked, they try to move around globally before being exposed to law enforcement.

 

Are certain ATM brands more vulnerable to these attacks?

In no case are certain models/types more vulnerable to attacks than others. Law enforcement ought to have the best practises for such scenarios based on the locations of the ATMs.

 

Should consumers be worried?
As per the reports, consumers should NOT be worried. The attack in no way affects the consumers’ information or personal funds. The concern should be on the possibility of future access. With rumors circulating about hacks and reports of money theft, this may lead to a dangerous situation where the malware lies dormant, preparing and growing for even bigger attacks.

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Make Events More Rewarding With Mobile ATMs

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Are you wondering how you can generate more profit each time you plan a business event? We’ve got the easiest and best solution for you with mobile ATMs. A mobile ATM is something that can make your event more profitable and successful. Up to 75% of money that people withdraw from an ATM installed at an event is spent at the event only. Doesn’t that sound great? If you’re a business owner or an event organizer you may have built marketing strategies to make your event a hit. But rather than that you can put the same money into the installation of mobile ATMs at your venue.

You should consider hiring ATM services which are not only very reliable within the industry, but the most dependable products as well. An organization that already has a good position in the market will supply you with machines that can help you withdraw the cash you need on the spot. In addition to the fact that mobile ATMs give you instant and definite profits, the providing company will also deliver and install them at the venue of your business event, also at no real expense to you. A company that’s known for giving excellent services will also ensure the satisfaction necessary to help maintain the machine(s) on site.

As you may realize, mobile ATM machines are one of the best ways for you to boost your business sales. While you focus on selling your products and/or services at the event, just think of a situation wherein there may be people who won’t have even attended your event with the sole motive to purchase what you’re selling. But considering how you present the situation, they may be willing to purchase your goods but won’t be carrying cash. This is where mobile ATM machines can be immensely helpful to both parties.
We advise you to consider every aspect of your special event. While marketing and publicity of the event is obviously necessary for people to know what you’re doing, you need to apply layman sensitivity to make sure you don’t miss out on anything that could lower the overall success of your event.

Mobile ATMs have been proven to be definite revenue generators. If you look at the other side of installation of mobile ATMs, you’re not just gaining profit from the additional customers who get influenced to spend at your event, you’ll also be able to yield more gains on money from transactions. In simple words, you will secure more customers, more people spending money on your products and services, as well as an additional share of the transactions they’ll be making.

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ATM Safety

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ATMs are all about convenience. They are common in populated areas, providing a source of cash and other banking services. ATMs now utilize several diverse kinds of software. An ATM only increases the general value to a store.

Despite the convenience, be mindful about when and where to withdraw money. If you have to use an ATM, choose one which is inside a shop or mall that’s well lit and make sure to guard you entering your pin number. The ATM inside a grocery shop or restaurant is usually always safer than one that’s outside on the sidewalk.

Among the most frustrating things a person can experience, is that they’ve stood in line for an ATM that does not have any cash. It is essential that banks regularly maintain not only the ATMs, but in addition the surrounding areas too. Among the biggest mistake people make with ATM safety and security is not taking the opportunity to be careful of their surroundings.

You should be mindful of your surroundings. Don’t prefer an ATM at the corner of any building. Be aware of people who are around you and also those who are trying to help you. Check for anyone sitting in a car parked nearby. Always ensure that no one is following you when you leave the ATM. On the off chance if you suspect anyone following you, immediately move to crowded and well-lighted location.

ATM fraud can be initiated with your phone too. Scam phone calls are an enormous problem. The simplest way to safeguard your phone is to allow a passcode. Now wherever you’re or whom you need to hand the phone to, you are aware that another person isn’t getting into your private stuff, spending your funds, snooping through your individual and financial data.

If you’re not careful you can compromise your safety. Robbers look for easy prey to stake out ATM in a low traffic area that is dimly lit. With little bit of carefulness you can protect your account as well as your life. Physical theft of cash and unauthorized withdrawals from an account are two prominent ways ATM theft can occur.

Reasons to Prefer Cash over Card

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The war between plastic money and paper money has existed for long. Both have their own advantages and disadvantages. However, you should know there is a time to use credit card and cash. In this article you will find the safer mode of payments and how you can be on your budget while making purchases.

 

As the popular saying goes money is not everything and yet it is very much crucial. The relevance of money in human life is similar to the importance of water or food. It wouldn’t be wrong to say that every human needs money to take care of things and most importantly family. Though money exists but the forms in which we can make payments have been developed. Among these, credit cards have become a popular phenomenon. The debate over the use of plastic money or paper money has been going on for quite some time now. Yet no clear winner has been declared. Everybody wants a card and if you too are planning to buy it then this article is for you. The following are the things you should definitely know before you get one:

 

1. Interest charges and additional costs of using credit card:

While credit card is still a new concept in the history of finance, why so many people still stick to using paper money indeed hints to the relevance it holds even today. At the same time, the benefits and convenience a credit card brings along cannot be simply neglected. Though the benefits would offset the cost but a credit card does account for additional as well as annual charges. Also, if you are buying something and don’t pay off instantly, you will later have to pay for the purchase and interest charges too.

 

2. Giving tips in cash:

You pay tips when you are really happy with a product or service. You as well as the other person will feel happier when tips are made in cash. Some efforts really matter and these deserve a tip. But when you opt for tipping by card, believe it or not, the special feeling the server would have got somehow fades away.

 

3. Cash on a budget:

As a critical part of financial marketplace, cash does play its role the same as a credit card would. However, when you pay in cash you can physically feel the money going away from you. You are bound to think again whether the purchase is necessary or not. So to say, when you choose cash to pay over a credit card, you are determined to consider budget for future purchases.

 

4. Finance and security:

While it may come as a surprise to you, paying in cash is actually a secure method of paying. Firstly, you don’t have to worry about a third person getting access to that cash. Regardless of what happens at the backend of the store, you have paid for your purchase and happily the cash is into safe hands. And this is true not only for the smaller kinds of transactions but for the bigger ones too. Not to forget the fact that many have been victims of fraud online transactions. So if you want to save yourself from being one, try paying in cash. Research shows that it is very easy for fraudsters to get the details of a credit card holder and make scam payments.

 

5. Avoiding additional costs and interests:

The greatest benefit of using only cash and not the credit or debit card is that you will be avoiding the additional costs or interest charges associated with the purchase. Even some small businesses prefer to run as cash-only businesses, for your convenience and for simpler book keeping requirements. At the same time, because not everyone carries cash all the time, these small businesses hire ATM rental and placement services. Certain free ATM Placement Programs aid in such implementations. Adding an on-site ATM makes the process enticing and smooth. Buyers can withdraw the money anytime they want and pay easily for their purchase.