ATM Cash Withdrawals: RBS and NatWest Suspend Get Cash

• RBS and NatWest have suspended their cardless cash withdrawal services Emergency Cash and recently generalised Get Cash option. These systems let their users prepare their transactions using their mobile phones. Their cash take out is then validated at the ATM through entering an app-sent OTP.

• This feature has recently been misappropriated by fraudsters to steal funds from banking customers. According to the bank, access to the associated app has not been discontinued as only the Get Cash option seems to have been impaired.

• The initially suspected phishing attempts would not account for every customer complaints: the victims say they haven’t responded to any fraudulent e-mail and some had not even signed for the mobile option. Just like the legitimate users, fraudsters were limited to 100 pounds per withdrawal, and, for instance, stole 950 pounds through eleven operations over three days from one of their victims. They seemingly benefited from full access to the victims’ banking details and transferred funds from their saving account to their current account to make other cash withdrawals.    

Source: BBC / Money Box

• NatWest says that the Get Cash option’s subscription process requires that the customer be a registered online and mobile account user. Once these steps taken, he receives a post mail confirmation notifying the availability of his mobile cash withdrawal service.

• RBS and NatWest websites mention a security update and a downward revision of the daily limits. Both banks say they have been affected and are now working on improving the security of their services.

• British MPs are also paying much attention to this case, and seeking information from NatWest. They remind that innovative financial institutions have to ensure their customers’ security too regardless of the technology they choose to promote. Tens of victims have complained thus pressuring the banks into discontinuing their services and promising full refund.

• MPs also expressed concerns regarding the possibility for fraudsters to target non Get Cash subscribers, or, virtually, all customers. The FSA is also aware of these incidents.