Credit Union Exam Solutions Presents With Flying Colors Fraud Schemes - What Is ATM Jackpotting?
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Jul 31, 2025 Dive into the deceptive world of fraud schemes targeting the elderly, particularly the insidious tactics of timeshare resale fraud. Discover the alarming rise of ATM jackpotting, where criminals exploit vulnerabilities to seize control of ATMs. Learn about the sophistication of skimming devices and the universal key vulnerabilities that make these crimes possible. This discussion emphasizes the urgent need for enhanced security measures in our financial systems.
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Timeshare Resale Fraud Scam
- An elderly member was targeted by a timeshare resale scam asking for $25,000 to unlock a false million-dollar sale.
- The credit union intervened, involving the attorney general and the member's family to stop the wire transfer.
Skimming Fraud at ATMs
- ATM fraud often comes from skimming devices at ATMs recording card and PIN data covertly.
- This skimming technique is sophisticated but may decline due to newer types of payment cards being used.
How ATM Jackpotting Works
- ATM jackpotting involves hackers accessing ATM operating systems with universal keys to dispense all cash.
- This attack often requires insider knowledge or access to universal keys held by entities like armored car services.