Direct global losses from ATM skimming are estimated to be billions of dollars annually; with losses from skimming on a single, non-bank, ATM ranging from $5,000 to $100,000, and an average $650 per card. You can combat these risks with an easy-to-use mobile friendly QR code that visually verifies transactions to avoid skimming and other fraud instances that bypass traditional Chip & PIN security.
How? VASCO security experts suggest that a cardless ATM is not a dream. Mobile phones could replace the traditional bank card and PIN to validate a transaction, combating skimming and other attacks against Chip & PIN security. Even an intercepted and copied QR code will not present a fraud risk, as it is only valid for one transaction for a specific mobile user.
Download this whitepaper from VASCO to learn why Out-of-Band (OOB) solutions may be the "Silver Bullet" to ATM security, as well as:
- Debunking the top six myths of ATM Security to achieve a winning strategy;
- Factors that make up a balanced approach to ATM security;
- Steps for securing ATM transactions - Layered controls;
- VASCO's holistic approach to ATM security and optimal user experience.