MoneyExpert: Cash Machine Fraud Soars Says Sainsbury’s

August 30th, 2006

Fraud at cash machines increased by 260 per cent between 2000 and 2005 new research by Sainsbury’s bank has revealed.

Cash machine fraud continues to climb, said Sainbury’s, with £21.4 million illegally obtained at ATMs during the first three months of 2006, up 54 per cent on 2005.

Most of the money was taken after card details were obtained by ’skimmers’, small devices that are added to the card slot which read and transmit details as it is entered.

Thieves are then able to add the details to a magnetic-strip card and use it to gain access to accounts via cash machines.

“ATM fraud is a growing problem and one that we take very seriously,” said Kevin Barrett of Sainsbury’s Bank.

“We are committed to ensuring that through major investment in CCTV and new anti-skimming devices, our cash machines are among the safest in the country.”

Mr Barrett said that Sainsbury’s would be installing greater CCTV coverage and new anti-skimming devices at all of its 885 cash machines.

This article: © Moneyexpert Ltd.

Categories: Banks, Investments