23 October 2017
Register now

European ATM fraud losses fall 14% - East

12 April 2011  |  7845 views  |  0 atm

ATM-related fraud losses in Europe fell 14% to EUR268 million in 2010, thanks to a drop in attacks on machines, according to figures from industry group East.

East (European ATM Security Team), which bases its figures on statistics from 22 countries, says the EUR44 million drop in losses is the second consecutive annual fall, following a 36% reduction in 2009.

In total, there were 12,383 ATM related fraud attacks in 2010, down seven per cent on the previous year.

Losses from card skimming have tumbled in recent years, from a peak of EUR315 million in 2007 to EUR123 million last year. The majority - 82% - of the remaining skimming-related losses are now international, with most now occurring in countries outside of Europe.

East says that the risk of counterfeit EMV cards being used to withdraw cash fraudulently from ATMs in parts of the world that are not chip and PIN compliant remains high.

As the risks of skimming diminish, the number of reported explosive and gas attacks has gone up for the second year in succession to 278, an 88% increase when compared to 2009. Overall losses rose 18% to EUR33 million.

Lachlan Gunn, director, East, says: "The continuing drop in fraud losses is very good news for both cardholders and the industry, and indicates that the significant investment made by the European banking sector into EMV technology, as well as into anti-skimming devices at ATMs, is now really starting to pay off."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Chip and PIN 'broken' - researchers

Chip and PIN 'broken' - researchers

23 March 2011  |  14674 views  |  8 comments
ATM operators increase number of fiver-dispensing machines

ATM operators increase number of fiver-dispensing machines

21 March 2011  |  7300 views  |  0 comments
Dublin ATM skimming gang jailed

Dublin ATM skimming gang jailed

11 February 2011  |  12622 views  |  0 comments
London ATM crooks jailed

London ATM crooks jailed

29 October 2010  |  7538 views  |  3 comments
UK card fraud losses at 10 year low

UK card fraud losses at 10 year low

06 October 2010  |  13611 views  |  2 comments
European ATM fraud losses tumble - East

European ATM fraud losses tumble - East

08 April 2010  |  7674 views  |  0 comments
Fraudulent US ATM withdrawals on the rise - Javelin

Fraudulent US ATM withdrawals on the rise - Javelin

07 April 2010  |  8883 views  |  4 comments

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
17116 views comments | 21 tweets | 35 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14319 views comments | 22 tweets | 30 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10516 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10128 views comments | 13 tweets | 10 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job