The Global ATM Security Alliance has launched a new international Fraud Alert Noticeboard as part of its online ATM crime data management system called Cognito.
"The Fraud Noticeboard will function like a global early warning system for the financial services industry," commented GASA's founder and CEO of ATMIA, Mike Lee. "Fraud is a moving target which migrates rapidly in multiple directions. So the financial services industry needs a tool to distribute global alerts regarding emerging threats to enable proactive steps to be taken. This system could save the industry millions of dollars a year."
The Fraud Alert Noticeboard describes the nature of an identified threat and then rates the risk level of the alert into according to three categories:
- High Risk - threat of fraud is significant, widespread and demands urgent, immediate attention
- Medium Risk - threat of fraud is hard to gauge but does demands attention in the medium term
- Low Risk - threat of fraud is small and does not demand any urgent attention beyond awareness of potential problem
Cognito contains over 4,000 recorded ATM crimes and has an online fraud reference library which is a repository of white papers, articles, press releases, crime reports, criminological research, and a Gallery of Solutions. The system now has the capability to record POS fraud as well as ATM fraud.
"Since debit cards can be compromised at illegally modified POS devices and then used to fraudulently withdraw funds from ATMs, it is vital for GASA to monitor crime trends at both POS and ATM terminals," Lee explained. "Bets practices for POS security are now needed."