We have recommendations for financial institutions experiencing skimming and mag stripe fraud at the ATM:
- Upgrade all ATMs to EMV immediately, if you have not done so already
- Add skimming protection to all ATMs.
The ATM card fraud liability shift occurred October 1, 2017. In the past six months QSI has seen a tremendous uptick in fraud at ATMs which were not upgraded to EMV, and the ATM deployer is now responsible for those losses. We’ve seen this in every area of our market, and the losses have been severe.
In contrast, Visa recently reported an 80% drop in card-present fraud due to the adoption of chip technology in the U.S. Chip transactions accounted for almost all Visa transactions in December. Download the infographic here.
If you have not upgraded your ATMs to EMV, please contact us immediately.
ATM skimming is also occurring at a high rate in our markets. QSI has effective solutions in place to combat this threat, and we can easily add these devices to your existing NCR ATMs.
One additional protection you can add is to contact your network/switch and have magnetic stripe card processing at the ATM disabled for foreign transactions. By only accepting chip cards and rejecting mag stripes, you will reduce the potential for this type of fraud significantly.
QSI has other compliance and risk mitigation solutions for your ATMs and ITMs. Contact us to learn more.