ATM Fraud: Don't Fall for It

In this type of fraud, perpetrators place a physical barrier inside an ATM&rsquo;s cash withdrawal slot. When a customer attempts to withdraw money, the cash becomes &ldquo;trapped&rdquo; inside the machine instead of being dispensed. Believing the ATM is out of order, most people leave, allowing the fraudster to return and collect the cash.Authorities advise users to always inspect the ATM&rsquo;s cash slot carefully and contact their bank or customer service immediately if they notice anything unusual.Police in Mecklenburg&ndash;Western Pomerania issued a special warning after a customer reported a suspicious ATM on R&uuml;gen Island. Investigators confirmed it was a case of cash trapping.In a separate incident that shocked the public, a retired couple in Germany lost nearly &euro;70,000. Criminals transferred the funds to accounts in Malta through multiple transactions, exploiting weaknesses in security procedures.The European Banking Authority (EBA) has criticized the current practice where clients cover up to 79% of losses in online fraud cases. EBA urges stricter regulations and greater accountability from banks to better protect consumers in digital banking.

ATM Fraud: Don't Fall for It

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