Financial institutions urged to be proactive as ATM malware attacks rise

By Nakinskie Robinson  

 

Caribbean financial institutions are being placed on high alert as malware attacks targeting automated teller machines (ATMs) have seen a 46 per cent increase across the region.

 

While Jamaica has so far been spared, Dwayne Russell, Managing Director of regional fintech solutions provider, MC Systems, urged banks and service providers to be proactive. 

 

Mr. Russell says ATM malware attacks have spiked across Latin America and the Caribbean, including malicious software designed to compromise the machines, allowing attackers to steal cash or access sensitive information. 

 

"It's not here as yet, but we do support ATMs outside of Jamaica. They're have been, over the last six months, a 46% increase in malware attack on ATMs. Luckily for us, that's not the case yet, but we are aware of that," he noted. 

 

"Pretty much what the guys are doing is, since you make your network so secure, et cetera, we're going to find some way to get to where you have your processing and memory and just do an attack on that and take control, bypass all of these security configuration. Very, very effective. What that means is that, once again, we'll have to lock down everything to make sure that everything is being monitored," Mr. Russell explained.

 

Malicious attacks can be carried out through various methods, including physical access to the ATM, network infiltration, and remote exploitation.

 

Mr. Russell said his team is leveraging modern technologies to strengthen regional fintech systems and appropriately respond to the threats. 

 

"What we're doing at MC Systems with our products and services is that one, we ensure that just like all of our engineers are certified, we're up to date in terms of some of these attacks. We're also using AI to help us to kind of understand how we use our software." 

 

He was speaking at the recent Jamaica Bankers' Association Anti-Fraud Committee and Jamaica Institute of Financial Services annual Anti-Fraud Seminar. 

 

MC Systems provides the hardware and software for nearly half of Jamaica's ATMs, and has been actively working with local institutions to prepare for threats. 

 

The company said it is tightening monitoring protocols, upgrading system configurations and investing in proactive threat detection.