Cash trapping is on the rise and in response, the ATM Industry Association has published a manual detailing emerging fraud trends and methods for ATM owners to combat the problem.
In cash trapping schemes, fraudsters typically install devices that physically block access to some or all of the cash that a consumer has requested from an ATM, with the intent of subsequently stealing the money. It’s not a new crime, but according to ATMIA, the ploy is rearing its head again worldwide, reinvented with the advent of new cash trapping devices that employ electro-mechanical technology.
“Although cash trapping is a rudimentary kind of attack on ATMs, these incidents can cause inconvenience, disruption to ATM services and dent consumer confidence,” said ATMIA CEO Mike Lee in a press statement.
Security and risk management officials from the consulting firm DFR Risk Management and ATM manufacturers Diebold and NCR assisted in creating the content for the manual. It details how different types of cash trapping devices work and provides technical solutions to address ATM security.