Westpac closes the net on ATM fraud

Powered by SC Magazine
 

Westpac confirmed this week that all its Australian ATMs will soon be protected by anti-skimming technology that will reduce unauthorised devices from scanning card holder information.

Wayne Beckley, head of cash and ATMs at Westpac expects the deployment of the 1600 nationwide ATMs to be complete by the end of 2008, according to a statement.

“We have been upgrading our ATMs at the rate of almost six per day to provide the broadest possible coverage and protection, not just for Westpac customers but for everyone who uses our ATMs,” he said.

According to Westpac’s spokesperson, David Lording, the roll-out is on schedule since its initial announcement in July last year.

The technology called ‘Jitter’, developed by global technology company NCR prevents fraudulent skimming devices from reading the information on the card’s magnetic strip while remaining undetectable.

Westpac claims the rate of ATM fraud has fallen to zero since installation began in July last year.

Gartner vice president and distinguished anaylst, Avivah Litan, said that ATM fraud was increasing globally, however major investment toward increasing security was also occuring.

“ATM security is well overdue, it’s the pot of gold for fraudsters. When you steal a credit card it’s much harder to turn it into cash."

However Avivah explained that retailer fraud like the recent hacking incident at US retailer TJX is proving to be more of a problem than ATM fraud.

“Skimming can only get as much traffic as is walking through that day. Retailers are attacked more than banks as they don’t have the tight securities.”

Copyright © CRN Australia. All rights reserved.


Westpac closes the net on ATM fraud
 
Readers of this article also read...
 
 
Top Stories
NSW Govt gets ready to throw out the floppy disks
[Opinion] Dominic Perrottet says its time for government to catch up.
 
iiNet facing new copyright battle with Hollywood
Fighting to protect customer details.
 
The CISO’s dilemma: Do you trust your partner’s partner?
[Blog post] How far down the chain do you check?
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
In which area is your IT shop hiring the most staff?




   |   View results
IT security and risk
  25%
 
Sourcing and strategy
  12%
 
IT infrastructure (servers, storage, networking)
  22%
 
End user computing (desktops, mobiles, apps)
  15%
 
Software development
  26%
TOTAL VOTES: 320

Vote
Would your InfoSec team be prepared to share threat data with the Australian Government?

   |   View results
Yes
  57%
 
No
  43%
TOTAL VOTES: 125

Vote