Caribbean financial institutions are being placed on high alert as malware attacks targeting automated teller machines (ATMs) continue to rise across the region.

Dwayne Russell, the Managing Director of MC Systems, a leading regional fintech solutions provider, is urging local banks and service providers to act quickly to prevent the problem.

He was speaking on a cybersecurity panel at the recent Jamaica Bankers’ Association’s anti-fraud Committee and the Jamaica Institute of Financial Services’ annual anti-fraud seminar.

Mr. Russell revealed that ATM malware attacks have spiked across the Latin America and Caribbean (LAC) regions.

The fintech business leader explained that ATM malware attacks involve malicious software designed to compromise the machines, allowing attackers to steal cash or access sensitive information.

He said these attacks can be carried out through various methods, including physical access to the ATM, network infiltration, or remote exploitation.

He said MC Systems, which provides the hardware and software for nearly half of Jamaica’s ATMs, has been actively working with local institutions to prepare.

The company is tightening monitoring protocols, upgrading system configurations and investing in proactive threat detection.