Symbol and IoT: joint frontier for secure payments

This article was first published on NEM
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Symbol and IoT: joint frontier for secure payments

In our article about how Symbol can secure the use of credit cards around the world, we focused on the growing problem of card skimmers placed in gas/petrol pumps.

We have explained how Symbol works in conjunction with IoT devices to maintain a constantly updated immutable record of the condition of gas/petrol station pumps. These records can be easily accessed by gas station owners, pump operators, and even consumers. This allows customers to use pumps with confidence, knowing that the point of sale systems are being securely maintained.

A similar process can be applied to Automated Teller Machines (ATMs). Thieves also target ATMs using the same methods applied to skim cards at unmanned gas pumps. Even though we are evolving to a digital and card based society where the majority of transactions will be performed digitally and online, approximately 20% of all money in circulation will be processed via cash and ATMs. As a result, we will now outline how Symbol supports the use of sophisticated security protocols to prevent ATM fraud.

According to Statista, the number of attacks on ATMs in Europe was close to 20,000 in 2019, with the losses incurred during these attacks amounting to around 250 million Euros in 2019.

What is ATM fraud?

ATM fraud generally involves the use of card skimmers and shimmers, with the same skimming techniques being used for gas/petrol station pumps and ATMs. Thieves place small devices on or inside ATMs that are able to capture the details stored in the card’s magnetic stripe or card chip, and the skimmer sends the data via SMS or Bluetooth to a waiting phone or laptop.

According to Statista, the number of attacks on ATMs in Europe was close to 20,000 in 2019, with the losses incurred during these attacks amounting to around ...

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