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Using IoT Context Awareness & The NEM Catapult Blockchain to Combat ATM Skimming

November 25, 2019 / IODLT

About a week ago, I stopped by my local bank’s ATM machine. As I lined up behind a couple of other customers, I felt an air of tension and unease. The woman at the ATM machine was glancing cautiously at people behind her through the mirrors placed on the machine. Although I understood her caution, I wondered if she knew that a more threatening thief might not be directly behind her. Rather, the thief could be sitting comfortably at home reading the sensitive data off of her ATM card through a magnetic strip skimmer while obtaining her PIN number with a tiny, thermal camera placed on the ATM machine. According to the U.S. Secret Service, thefts from ATM skimmers now total more than $1 billion per year. This statistic does not take into account the possible, large number of unreported incidents, that could raise this number to the multiples of billions.