Automated Teller Machine Card Fraud of Financial Organizations in Bangladesh

Automated Teller Machine (ATM) card is one of the most important ways of transactions. Its main rule is to develop the concept of “Anytime Anywhere Anyplace” banking. It has given the opportunity to access cash and other financial information very easy and trust worthy to the consumers. But in recent time there have been proliferation of ATM fraud in the country and across the globe. ATM card is one of the biggest threats to business establishments today and it resulting in the loss of billions of dollars. The study in this paper carried out an empirical research to analyze the cases of ATM usage and fraud occurrences within some financial organization in Bangladesh. The research identifies the common ATM frauds, when, where and how these frauds are perpetuated and then offers security recommendation that should be adhered for both the banks as financial institutions and the ATM users in order to eliminate or reduce its impacts. Keywords: ATM Frauds; Fraudulent transactions; Card skimming; ATM forgery; ATM security