Phishing attacks have led to an estimated $2.75 billion in losses related to ATM and debit cards over the past 12 months, according to a new Gartner report.The report, released Tuesday, includes a recent survey of 5,000 U.S. bank customers. From the survey, Gartner estimates that 3 million Americans have lost an average of more than $900 each due to online scams over the past year.
Scam artists are gleaning bank account numbers and personal identification numbers (PINs) through the use of phishing attacks and keystroke logging technology, according to the report. They are then creating fake ATM and debit cards and using the cards to steal money and make purchases.
Criminals "succeed when the card-issuing bank is not validating security codes on the magnetic stripe of the card while authorizing transactions," Avivah Litan, Gartner research director, said in a statement.
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