ATM security must be banks’ top priority

Last year saw a 230% rise in ATM malware and cyberattacks in comparison with 2016. Associated losses rose from 0.46 million to 1.52 million euros. These figures, from the report of the European Association for Secure Transactions  (EAST), show how the financial sector faces a slew of threats that are growing by the year. Today’s criminals tap into unknown vulnerabilities and attack targets that are not shielded by proper security measures.

In the world as it stands today security can no longer be optional for the financial sector. In this digital era the growing diversity of attacks obliges banks to bring in sophisticated and efficient security solutions that can ward off existing and future threats. For that very reason over 400 banks and security experts from all over the world came together in London to attend the world’s benchmark conferences dealing with the physical security of ATMs and the latest logical-security and cybernetic threats: namely ATM & Cyber Security and Financial Crime & Security.

For yet another year GMV was present at both events, showcasing the benefits of its inhouse checker ATM Security solution, worldwide leader in end-point protection now fitted in over 150,000 ATMS in 34 countries. “In recent years, after the numerous ATM-emptying Jackpotting attacks in Europe, Asia and the Americas, adding up to losses of several million euros, there is no longer any doubt about the need of safeguarding ATM software from malware attacks” argues Pedro Celis, Product Manager of GMV’s Secure e-Solutions sector.

For his part, Juan Jesús León Cobos, Products and New Developments Manager of GMV’s Secure e-Solutions sector, took part in the Terminal Fraud Seminar of Financial Crime & Security, giving a paper on the latest sector trends under the title: “The evolution of Cash-out / Jackpotting Attacks”.

Jackpotting is a technique that has come to be widely used in Latin America, Asia and Europe over recent years. It involves infecting the terminals with malware to exploit vulnerabilities in obsolete or out-of-date systems, giving cybercriminals total control over the ATM and forcing it to spit out all its cash. At the beginning of this year, for example, the USA’s secret service detected cash-out attacks with the ATMs spewing out bills at the rate of 40 every 23 seconds.

As well as Jackpotting there are many other threats to be taken into account by banks nowadays, like bankcard cloning, false devices fitted in ATMs, fraudulent applications, etc. The financial sector should persist in its current efforts to ensure an ever-higher level of security in its infrastructure while also remaining on the lookout for new threats to their sensitive infrastructure to head them off before they do harm.