Credit cards: $5mn stolen from ATMs

Date: May 05, 2005
Source: Computer Crime Research Center
By: CCRC staff

Ukrainian Inter-Bank Payment Systems Member Association (EMA) states that $5 million have been stolen from ATMs owing to credit card fraud in Ukraine during 2003-2004 years.

The Association was created in April, 1999 and unites about 30 banks. The EMA notes that a task group of the Ministry of Internal Affairs of Ukraine accomplishes preparation works to implement a new program to counteract crimes with bank payment cards.

The EMA experts believe that procedure risk and the policy of risk monitoring of the Ukrainian issuer banks meet the requirements of payment systems.

Lately police performed two arrests of swindlers who robbed ATMs. In March, Kiev police detained a man of Odessa, Ukraine on suspicion of stealing $300 thousand with the help of forged credit cards from ATMs in Kiev and Donetsk. After a time, police arrested a group suspected of stealing $40 thousand from ATMs in Kiev.

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