Analysts say ATM systems highly vulnerable

Wednesday, 3 August 2005, 10:18 AM EST

By failing to scan security codes in the magnetic strips on ATM and debit cards, many banks are letting thieves get away with an increasingly common fraud at a cost of several billion dollars a year.

A report Tuesday from Gartner Inc., a technology analyst firm, estimates that 3 million U.S. consumers were victims of ATM and debit-card fraud in the past year.

By Brian Bergstein at BusinessWeek.

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