ATM security is an ever increasing priority within the financial industry, as ATM fraud has grown to epidemic proportions over the last few years. It is estimated that in the U.S. alone, that card fraud now exceeds $8 billion a year.
Retail Banking Research estimates that there are more than 2 million ATMs in use worldwide today and that number is forecasted to reach 3 million by 2016. In the U.S. alone, last year there were 14 billion cash withdrawals made at ATMs in what constitutes the largest installed base of ATMs in the world. As one might imagine, as ATM use increases worldwide, so does the potential for fraud. It is now estimated that credit card fraud cost the U.S. credit card payment industry over $8 billion a year, which affects both consumers and the financial industry and makes the development of ATM fraud prevention systems a top priority. ATM fraud has become a leading target for sophisticated criminal networks, which are more steadily engaging in global fraud schemes.
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