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Spike in "Chain Gang" Destructive Attacks on ATMs – Krebs on Security krebsonsecurity.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from krebsonsecurity.com Daily Mail and Mail on Sunday newspapers.
Banks See Rise Rise in ‘Smash-and-Grab’ Thefts from Automated Teller Machines Convicted bank robber Willie Sutton, when asked why he robbed banks, famously said, “because that’s where the money is.” In today’s socially-distanced world, criminals increasingly are turning their attention to the money inside automated teller machines whether outside a bank or inside a neighborhood convenience store. And their smash-and-grab method of extraction often involving heavy equipment stolen from nearby construction sites has become yet another COVID-19 cost driver for insurance carriers. Travelers says that claims for damages because of ATM thefts increased by 220% from 2019 to 2020. Due to COVID-19 bank closures or restricted hours, customers are encouraged to use ATMs and banks are holding more money in them than before. ....
As Criminals Innovate, ATM Thefts Becoming a Growing Source of Insurer Loss Convicted bank robber Willie Sutton, when asked why he robbed banks, famously said, “because that’s where the money is.” In today’s socially distanced world, criminals increasingly are turning their attention to the money inside automated teller machines whether outside a bank or inside a neighborhood convenience store. And their smash-and-grab method of extraction often involving heavy equipment stolen from nearby construction sites has become yet another COVID-19 cost driver for insurance carriers. Travelers says that claims for damages because of ATM thefts increased by 220% from 2019 to 2020. Due to COVID-19 bank closures or restricted hours, customers are encouraged to use ATMs and banks are holding more money in them than before. ....