The recent ATM fraud has forced all entities concerned to upgrade their security measures, banking industry sources have said.
Retail customers are being encouraged to use ATMs for most of their banking requirements and for the sheer convenience they offer.
However, frauds such as the one uncovered in Dubai a few days ago highlight the need for continuous upgradation of security and customer-awareness, the sources added.
ATM fraud is one of the fastest growing financial crimes worldwide. It has forced banks and ATM manufacturers to install security with surveillance equipment and peripherals that can detect skimming and card-trapping devices, experts have said.
"Visa's member banks have been informed of fraud types and preventive measures. Although ATM-skimming is not a new technique, we have impressed on our member banks the risks asso ciated with this type of fraud," said Sameer Govil, area manager at global payment gateway Visa International.
Visa provides best-practice checklists for ATM inspections.
"We have mandated issuing and acquiring banks to monitor transactions to identify suspicious activities that are not normally conducted by cardholders or merchants," he said.
Mashreqbank, one of the banks whose customers were affected by the recent fraud in Dubai, says it has completed installing surveillance systems.
"We have installed state ofthe art video and digital camera systems at all outdoor and indoor ATMs across the UAE," said Atif Bajwa, retail head at Mashreqbank.The bank has deployed a "best-of-breed, fully integrated digital and data solution" that links all the video and data information to Mashreqbank's head office data centre, he said.
Anil Chander, head of cards at RakBank, said: "We have responded to reports of skimming.We make frequent inspections of all our ATM machines for possible tampering devices, place cameras at all ATMs, and post round the clock security at ATM locations to counter skimming attempts."
By Nikhil Lohade
© Emirates Today 2006
