New data out from FICO shows that physical debit card fraud in the US jumped 70% in 2016. That is because there is not only more debit card usage, but that usage has driven criminals to use more fake card readers to nefariously skim debit card information. Last year, hacked card reader crimes rose 30%. Most of the card fraud comes from ATMs, of which over 66% are owned by non-banks. Over the last several years, that puts card fraud at ATMs up an astonishing 546% according to FICO.
Sometimes the future isn’t that clear, and this one has us perplexed. We are not sure this is a step forward or backwards in technology, but we find it interesting. Nimbl, a San Francisco start-up now has an app available where you can request cash and a certified runner brings it to you. For those that have converted to Apple Pay this week (along with the other 8 million people), the app solves the problem of how to get cash easily in an increasingly cashless society.
For those bankers that wanted to know more about the ATM video teller that we reported about last week in our Bank of Edmond article, we have the inside scoop and have conducted further due diligence for your benefit. The SASI provides customers with the same personalized experience from the ATM as they get in the branch. Co-developed between the Bank of Edmond and NueQ , SASI links the customer to the specialist of their choice - teller, loan officer, mortgage banker or other employee.