EMV Reduces Card Skimming at ATM, But Can’t Handle Explosives

by Mercator Advisory Group 0

The introduction of EMV has significantly reduced the fraud of card skimming at ATMs in Europe in recent years, according to an ATM security firm:

Losses from card skimming have tumbled in recent years, from a peak of EUR315 million in 2007 to EUR123 million last year.

However, criminals are moving overseas to get out of EMV’s reach:

The majority – 82% – of the remaining skimming-related losses are now international, with most now occurring in countries outside of Europe.

Or, they are staying behind and resorting to some old-fashioned tricks:

The number of reported explosive and gas attacks has gone up for the second year in succession to 278, an 88% increase when compared to 2009. Overall losses rose 18% to EUR33 million.

EMV didn’t solve all the problems, and neither should it.

Read the original story here: http://www.finextra.com/news/fullstory.aspx?newsitemid=22460

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