Loophole sees ATM gangs net €121m

CRIMINALS across Europe netted €121 million in just six months after exploiting a bank security loophole in countries like Ireland.

Thieves are cloning or “skimming” cards in countries with tough security measures such as Ireland before using them overseas in places with lax security at cash machines.

The loophole exists because cash machines overseas cannot detect fake Irish cards so automatic teller machines (ATMs) are paying out from consumers’ accounts in Ireland.