European ATM losses from Black Box fraud pass the €1 million mark
The European Association for Secure Transactions (East) is reporting a sharp rise in ‘jackpotting’ Black Box attacks on European ATMs in the first six months of 20202.
East says that ATM malware and logical attacks against cash machines were up 269% (from 35 to 129) and all the reported attacks were Black Box attacks. Related losses were up from less than €1,000, to just over €1 million.
Financial institutions had more success in clamping down on more established fraudulent activity. Terminal related fraud attacks were down 66% (from 10,723 to 3,631 incidents), card skimming fell to another all-time low (down from 731 to 321 incidents) and transaction reversal fraud (TRF) at ATMs decreased by 97% (down from 3,405 to just 108 incidents).
Total losses of €109 million were reported, down 12% from the €124 million reported during the same period in 2019.
Brute force physical attacks on machines were down 23% (from 2,376 to 1,829 incidents). Attacks due to ram raids and ATM burglary were down 34% (from 610 to 405 incidents) and ATM explosive attacks (including explosive gas and solid explosive attacks) were up 0.4% (from 503 to 505 incidents).
Losses due to ATM related physical attacks were €12.6 million, an 11% increase from the €11.4 million reported during the same period in 2019. This increase was driven by a rise in losses due to explosive and gas attacks, which were up 49% from €5.1 million to €7.6 million.