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30 August 2006
New figures from Sainsbury's Bank have revealed that cash machine fraud escalated by some 260 per cent between 2000 and 2005.
New figures from Sainsbury's Bank have revealed that cash machine fraud escalated by some 260 per cent between 2000 and 2005.
Furthermore, the bank's analysis found that £21.4 million pounds of ATM fraud was carried out in the first three months of this year – an increase of 54 per cent from the corresponding period of 2005.
The bank's Kevin Barrett said: "ATM fraud is a growing problem and one that we take very seriously. 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.
"This, and the fact that we do not charge customers for accessing their money, has meant that over the last seven months, we have seen a 7.5 per cent increase in the number of withdrawals made from our cash machines."
'Skimming' is when a criminal places a device in a cash machine which can record the details of cards inserted. The details are then used to produce counterfeit cards which criminals utilise to carry out millions of pounds' worth of fraud.
Sainsbury's Bank has recently invested £3.5 million in means of preventing such instances of fraud at its 885 machines.
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