ATM cash-out

malcolmfowler

With all the news reports about an imminent bank hack and ATM cash-out, how do I protect my savings and current accounts being wiped out? Will the banks know who is at the ATM?

[Deleted User]

Nothing for you to worry about.

agrinnall

malcolmfowler wrote: »

With all the news reports about an imminent bank hack and ATM cash-out, how do I protect my savings and current accounts being wiped out? Will the banks know who is at the ATM?

Do please enlighten us as to what these news reports are.

Vortigern

agrinnall wrote: »

Do please enlighten us as to what these news reports are.

Something for the banks to worry about?

https://www.bankinfosecurity.com/interviews/atm-cash-out-banks-are-at-risk-i-1776

JuicyJesus

So as I understand it, it's an organised spurt of ATM card fraud. Surely this would be defeated by cards being reported lost or stolen? Also, surely the cards held would still be whacked for huge amounts otherwise, just on a longer timescale?

I'm not really sure it's going to be as big a deal, or a bank killer, as people are suggesting.

Anthorn

malcolmfowler wrote: »

With all the news reports about an imminent bank hack and ATM cash-out, how do I protect my savings and current accounts being wiped out? Will the banks know who is at the ATM?

It is called and always has been called "Ring-fencing": You don't keep all your money in a current account or savings account which has debit card / cash card access to ATMs. This calls for two accounts one of which doesn't have ATM access. This could be at the same bank or different banks. You could get a pre-paid account which has both a card account and wallet account and you transfer between the two. The only pre-paid account I know of which has anything like reasonable fees is The Change Account. But beware that the wallets in the change account are time-locked and mainly intended to pay bills on a certain date. Lastly, Starling Bank offers wallets which they call "Goals" with their current account.

agrinnall

It's not going to happen at all in the UK given that it's a mag stripe fraud and as far as I'm aware all ATM operators have been using Chip and PIN for many years.

eskbanker

Vortigern wrote: »

agrinnall wrote: »

Do please enlighten us as to what these news reports are.

Something for the banks to worry about?

https://www.bankinfosecurity.com/interviews/atm-cash-out-banks-are-at-risk-i-1776

Since that article was from five and a half years ago you'd hope they'd have stopped worrying by now!

Vortigern

eskbanker wrote: »

Since that article was from five and a half years ago you'd hope they'd have stopped worrying by now!

Oops, bad googling on my part, but there have been more recent reports in the Evening Standard, the Independent, and computing.co.uk

molerat

Probably on a par with the millenium bug, remember when the computer world was going to end.

TheShape

molerat wrote: »

Probably on a par with the millenium bug, remember when the computer world was going to end.

I don't think we can ever be certain what the fallout of the Millennium Bug could have been. Whenever someone dismisses the Millennium Bug as being mostly harmless it's to forget the huge amount of work to avoid the potential consequences. The amount of resources spent were staggering.