Foregenix, Tranwall team up to tackle global ATM Cashout fraud

Thursday 18 April 2019 09:47 CET | News

Foregenix has joined forces with Tranwall, an Australian pioneer in payment card control technology, to fight against the rise of global ATM Cashout fraud.

As a result of the partnership, Tranwall’s transaction security software will be offered with Foregenix’s Managed Detection and Response (MDR) and Threat Sweep services. Moreover, the software will provide a second layer of security to issuing banks and is used widely by financial institutions in the Middle East and Africa.

It gives banks and their customers granular control of bank accounts and cards which allows them to lock down entire BIN ranges to stop certain transaction types such as international ATM withdrawals and ecommerce payments. Additionally it offers granular control to the end customer on two-factor authentication on all customer bank accounts as well as limit setting to name a few options.

Foregenix is a specialist on ATM Cashout fraud through the company’s PCI Forensic Investigations and Incident Response service. The forensics company has worked a significant number of ATM Cashout incidents in Africa where the problem is especially acute.

During these attacks, often referred to as the FASTCash Campaigns, cyber criminals subsequently exploit the poor architecture as well as lack of security of internal systems, manipulate limits or intercept transactions on the backend and use stolen or cloned cards at ATMs to fraudulently withdraw large amounts of hard cash.

The cashouts are typically performed by associates or ‘mules’ who copy and imprint the stolen data on magnetic cards and perform the physical cash withdrawals in hundreds of locations, simultaneously.

According to Foregenix’s blog post, an attack in Japan saw USD 13 million stolen through ATMs in three hours as approx. 14,000 fraudulent withdrawals were made.

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Keywords: Foregenix, Tranwall, card control, fraud prevention, cyber attacks, cybersecurity, ATM Cashout fraud, banks
Countries: World

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