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Wednesday, April 28, 2010

PBCL partners take ATM solution to InfoSecurity fair

PRICEWORTH Business Connections Ltd (PBCL) has concluded plans to take its solution alongside partners to the 2010 InfoSecurity scheduled to hold in the United Kingdom (UK) come June this year.

PBCL president, Mr. Peter Ejiofor, made this disclosure in Lagos, saying that key solution would focus on Automated Teller Machine (ATM) skimming and fraud prevention.

He noted that ATM skimming has emerged as one of bank’s fastest-growing electronic crimes and is a much more profitable crime to commit, not only because of the amount of money they are able to steal very quickly, but because it is less likely that they will be detected.

The time, he said, has come for financial institutions to battle it so as to survive change in policy and can ill afford any further loss of consumer confidence.

“With over 25,000 bank consortium managing ATMs in operation round the country, banking and security leaders are challenged by savvy cyber criminals with an inventory of readily available skimming technology in executing their ATM fraud action plans upon institutions of all sizes,” he said.

Noting that without an understanding of the crime, the skimming process and proactive protective strategies, virtually any institution, any customer could be the next victim.

He disclosed that during the InfoSecurity UK 2010 which comes up from June 3 through 5, at Arora Hotel Heathrow, London, England, visitors will get to learn insights from a United States (U.S.) Infosecurity experts, former bank cum security leader and security solutions providers, to explain how skimming works.

Detailed examination of the crime, the rapidly-changing skimming technology used on ATMs, and the criminal process of ATM skimmers as documented by those who should know will be showcased at the fair.

Prevention strategies, according to him, include security and data lost prevention strategies to alter skimming’s impact on identity theft losses. Learn more about rising direct and indirect costs, notification procedures, loss-cost analysis and prevention-mitigation tactics.

“You will also test emerging technologies that are now a part of effective ATM security practices; understand the four-step layered security approach that can help banking operations detect and deter ATM skimming crime and fraud losses,” he said.


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