It seems like there's a cyber-hack story in the headlines every other day. But while merchants—and even the Internal Revenue Service—crack down on digital breaches, thieves are targeting another source of power: automatic teller machines.
That is spurring a broad movement to more secure methods of payment.
Crooks are stealing credit and debit card data from U.S. ATMs at the highest rate in 20 years, according to recent data from credit scoring firm FICO, and they don't seem to be slowing down.
Year over year, card skimming, in which thieves swipe user data, at bank-owned ATMs is up a dramatic 174 percent. At non-bank ATMs, compromises are up 317 percent. These numbers represent successful incidents.
Thieves who end up gaining cardholder information then create counterfeit plastic, with the potential to steal every penny out of a victim's bank account.