ATM Money Grab Fraud: How Criminals are Targeting Bank Customers

Many of us associate the use of an ATM with a very simple and automatic operation. However, it is worth being careful – banks tell about very dangerous fraud that any of us could be a victim of.

The rest of the article is below the video

We are talking about the so-called money grab, ie fraud related to ATM change. How come? Criminals place special strips inside the cash feeder, which cause the banknotes to slide into a special area that is invisible to the person using the ATM.

The device then recognizes that the entire transaction has been completed correctly. The money will then be withdrawn from the victim’s account, even if he or she did not receive the selected amount. Importantly, the ATM is then unable to withdraw the withdrawn funds as it considers the withdrawal to have been completed successfully.

Some then assume they are dealing with a machine failure. This is a mistake – there are many signs that criminals are hiding in the area that appear, after we move away from the ATM, right next to the device to take out the blocked money and the a replay attack using the capture currency. technique

What to do in this situation? First, don’t go far from the ATM. The bank or ATM operator from which we withdrew money must be notified.

If possible, it’s also worth checking out a banknote vending machine. The strip that prevents money from being released may be located on the element that closes the opening. Even a slight movement can release this element.