PEORIA, IL & SIOUX FALLS, SD (August 29, 2013) -- As the staggering amount of losses attributed to card fraud attest, it's not difficult to copy or skim data from a magnetic stripe and create a duplicate card that can be used at an ATM.
Historically, ATM skimming has been a bigger problem in Europe and other parts of the world than it has been in the United States. However since the implementation of EMV in Europe and other parts of the world, fraudulent withdrawals have fallen in countries that have adopted chip and PIN technology and shifted to markets that still rely on magnetic stripe cards — like the U.S.
According to a recent Nilson Report, the U.S. now accounts for 47.3% of total global losses…upwards of $5 billion dollars in 2012.
To help address concerns about migration to EMV, the ATM Industry Association and Welch ATM are pleased to announce the release of a new white paper, The Long Road to EMV: An In-Depth Look at EMV & How It Will Impact Financial Institutions.
The free white paper covers: the reasons the U.S. is moving to EMV, the importance of a common debit solution, the cost of fraud vs. the cost of migration, how EMV will / will not benefit financial institutions, the move to mobile technology and how it could leapfrog EMV, implication of the liability shift for financial institutions, and the need for education once EMV technology is in place in the United States.
"There are many steps that need to be taken before the United States is capable of moving forward with EMV migration," says Rebecca Hellmann, Marketing Manager for Welch ATM. “This white paper will help financial institutions understand what those steps are and give them a better idea of what type of information they need to begin making their migration plans and educating customers and members about the change.”
The paper can be downloaded from the ATMIA and Welch ATM websites.
ABOUT ATMIA
The ATM Industry Association, established in 1997, is a non-profit global trade association with approximately 3,700 members in 60 countries. As an independent, non-profit trade association, our mission is: to promote ATM convenience, growth and usage worldwide; to protect the ATM industry's assets, interests, good name and public trust; and to provide education, best practices, political voice and networking opportunities for member organizations. If you wish to join, please contact a member of the ATMIA team.
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ABOUT Welch ATM
Welch ATM is an independent ATM company founded in 1973. With over three decades of ATM industry experience and service, we have developed relationships with over 1,000 financial institutions and major retailers. Welch ATM is a focused branding partner for financial institutions and currently manages over 22,000 ATMs nationwide. Visit www.welchatm.com or call (636) 536-3030 to learn more.