Hitachi to make ATMs preventing mobile phone fraud

1 November 2016

Japanese ATMs will be instructing senior card holders to abstain from cash withdrawal when they detect the consumers are talking over the phone. Hitachi is collaborating with Joyo Bank, a regional bank, over the introduction of the new fraud prevention automated teller machines. According to the reports Joyo Bank will be operating the new devices starting beginning of 2017.

The fraud prevention ATMs are designed to recommend consumers not to transfer funds if at the time of withdrawal they are found to be talking over the mobile phone. This is to prevent the fraud when elder card holders are deceived to make money transfer to perpetrators pretending to be their relatives or specialists issuing an invoice.

The scam scheme is wide spread in Japan when fraudsters make a phone call or send a message to senior consumers pretending to be their relative needing some money. The “it’s me” fraudulent scheme takes advantage of the seniors’ poor knowledge about how to withdraw cash at the ATM, so the fraudsters consult over the phone the card holders which steps they should take for cash withdrawal.

According to the bank executive they have heard many reports on seniors becoming victims of the phone call scam. Thus, the partnership with Hitachi will bring the new machines detecting if the potential victims are talking over the phone when they are about to withdraw money from the card.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Writing a White Paper for an ICO: expert recommendations
Show more posts...