ATM Networks Join Forces Against Fraud

ATM Cash feature
What's Next In Payments®
7:00 AM EST July 25th, 2014

ATM networks have joined together to create global defense solutions to fight potential breaches, according to ABA Banking Journal. Together, Diebold, Inc. and Wincor Nixdorf AG will start an industry association to improve ATM security.

The companies’ goal is to gather information on attack scenarios on ATMs and share it with industry groups, developing and putting forth tactics to counteract the attacks worldwide. Institutional operators like banks and IT service providers, as well as global ATM manufacturers and suppliers, can participate in the association.

With the ATM market expanding (there will by 3.7 million, compared to the current 2.6 million, around the world by 2018), criminal activity is also expected to increase.

Diebold and Wincor Nixdorf will start up the association by creating a platform to share information and promote discussion among industry stakeholders.

“ATM fraud is a worldwide challenge,” said Eckard Heidloff, president and CEO of Wincor Nixdorf AG, in the article. “With the anticipated expansion of both the ATM market and ATM-related crime, the time has come for those organizations whose business operations depend on ATMs to take concerted action at the global level.”

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

Comments
Also by This Author
What's Hot
B2B Payments
B2B Tech Startups Get New Accelerator In Hong Kong
B2B Payments
E2open App Now Drummond Certified
Apple Pay Tracker
Apple Pay Users 3X More Likely To Spend $250 Or More
Apple Pay Tracker
Gartner Says Apple Pay Security Not Being Fully Used
View All Articles ››
You May Also Like
Apple Pay Tracker
How Well Does Apple Pay Play With Others?
Apple Pay Tracker
Sephora Accepts Apple Pay In Store
Commentary
Weird Stuff In Payments
In Depth
Let’s Get Ready To Retail
View All Articles ››