-Card controls counter threat of FBI’s warning on unlimited ATM cash out crime –
US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals.
Ondot, the global leader in mobile payments services, provides consumers a simple protection with mobile-based card controls that can restrict ATM transactions without completely shutting off the card for legitimate needs.
Ondot’s mobile controls can give consumers the ability to restrict transactions specifically for ATMs while leaving their cards active for in-person purchases, eCommerce, and other purchases. By locking the account’s use at an ATM, consumers can work with their financial institution to ensure other security best practices are in place while knowing that even a spoofed card will be unable to withdraw cash. If emergency cash is needed, users can momentarily enable ATM withdrawals, withdraw the funds, and then immediately disable ATM transaction again. Every transaction triggers an immediate alert to users, thereby providing instant visibility and peace of mind.
“Ondot powers the card control applications for more than 3,500 financial institutions, enabling millions of consumers an additional layer of protection to ensure that they are not victimized by ATM heists,” said Gary Singh, Vice President of Marketing for Ondot.