Legislation designed to protect consumers from Automated Teller Machine (ATM) scams has passed the Assembly, according to Assemblywoman Catherine Nolan, the bill’s sponsor.
The bill (A.8442) would amend the state’s banking law in relation to security measures at ATM’s by extending the amount of time that banking institutions must retain ATM surveillance recordings from 30 to 45 days.
“Current law states that banking institutions must retain ATM surveillance recordings for only thirty days. Considering, however, the number of ATM scams designed to steal consumer’s ATM cards and PIN numbers, banking institutions should retain potentially valuable video evidence for a longer time in order to improve consumer’s financial safety,” said Nolan, the Chairwoman of the Assembly’s Banks Committee.
“Consumers generally receive their monthly bank statements eight to ten days following the conclusion of a thirty day cycle. Consequently, in the case of ATM scams, a consumer may recognize an error in their statement after the thirty day surveillance video retention period has expired, making it difficult to ascertain when their account was accessed illegally, and by whom,” said Nolan.
“Extending this video retention period would help combat ATM fraud by allowing consumers to account for errors in their bank statements before video evidence of the fraudulent activity is discarded. I am pleased that the Assembly has passed this important legislation, and I look forward to working with the Senate to make it law,” said Nolan.