Appears ATMs Dispensed Cash Beyond Prepaid Debit Card Balances
August 19, 2020
A widespread ring of thieves who targeted Santander ATMs across New Jersey and beyond have been arrested. Tens of thousands of dollars were stolen due to a glitch at the bank.
NJ.com reports more than two dozen people who used prepaid debit cards to steal from ATMs at banks around New Jersey have been arrested. “The scam appears to be exploiting a glitch in Santander ATMs where the people were able to continue to withdraw amounts using prepaid debit cards,” two law enforcement sources told the website.
Santander Bank Spokeswoman Nancy Orlando told NJ Advance Media that it learned Tuesday about “suspicious activity involving some” of its branch-based ATMs and that the devices were temporarily closed “out of an abundance of caution.”
She added that some branches may have additional security and some would be temporarily closed for “security reasons,” but did not give the locations of any specific sites.
In addition to New Jersey, the ATM thefts have been reported in New York and Connecticut, as well. The FBI and New Jersey state police are investigating, as well as local authorities. Due to the nature of the multi-agency arrests, a final count is not available but upwards of 40 people may have been detained.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.
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