phantom withdrawals

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The removal of funds from bank accounts through automated teller machines (ATMs) by unauthorized means and without the knowledge or consent of the account holder. Until recently most banks maintained that such withdrawals were only possible where account holders had divulged their personal identification numbers (PINs) to a third party. However, there is now firm evidence of ATM fraud perpetrated by technological means, including the use of ‘skimming’ devices to copy the details of inserted cards and miniature cameras to record PINs.

Subjects: Financial Institutions and Services — Accounting.

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