March 12, 2009 The theft of financial information during ATM transactions is one of the financial industry's fastest growing crimes according to the U.S. Secret Service, and in the latest effort to combat this problem, ADT Security Services today introduced a new advanced skimming detection device for financial institutions throughout North America. The ADT Anti-Skim™ ATM Security Solution helps prevent skimming attempts and detects skimming devices on all major ATM makes and models, says ADT.
Skimming: the cost
ATM skimming is a method used for stealing your identity during an ATM transaction. This method utilizes a card skimmer to collect record and store your card number and pin number. The person "Skimming" your card can then use this information to program his own card with your information!
The worldwide ATM Industry Association reports over $1 billion in annual global losses from credit card fraud and electronic crime associated with ATMs, but “perhaps the most significant skimming cost to financial institutions is the damage to their reputation and the loss of customer confidence that accompanies the theft of personal financial information,” said Hank Monaco, vice president for ADT Security Services. “The technology exists today to help defeat that problem.”
ADT’s anti-skim solution is installed inside an ATM near the card reader, making it invisible from the outside. The solution detects the presence of foreign devices placed over or near an ATM card entry slot, without disrupting the customer transaction or operation of most ATMs. Also, the technology helps prevent card-skimming attempts by interrupting the operation of an illegal card reader says ADT.
ADM says their Anti-Skim ATM Security Solution: