ATM Malware Attacks on the Rise in the Region, Warns Fintech Expert

Dwayne Russell, Managing Director of MC Systems, a leading regional fintech solutions provider, is sounding the alarm for Caribbean financial institutions as malware attacks targeting automated teller machines (ATMs) continue to rise across the region.

Speaking on a cybersecurity panel at the recent Jamaica Bankers’ Association (JBA) Anti-Fraud Committee and the Jamaica Institute of Financial Services (JIFS) Annual Anti-Fraud Seminar, Mr Russell urged banks and service providers to act quickly. The event, held at the Terra Nova All-Suite Hotel in Kingston, brought together stakeholders from law enforcement, banking, telecoms and the Bank of Jamaica to examine the latest cybercrime tactics and response strategies.

Mr. Russell revealed that ATM malware attacks have spiked by 46 per cent across the Latin America and Caribbean (LAC) regions in the last six months. While Jamaica has yet to see this trend take hold locally, the threat is real and rising.

“It hasn’t reached us yet, but we know it’s in the region. That’s why we’ve already started reinforcing our systems,” said Mr Russell.

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

“Because networks are so secure now, attackers are getting creative. They’re finding new ways to reach into the heart of financial systems, bypassing existing protections and launching attacks from within. It’s effective and it’s forcing us to rethink how we defend these endpoints,” Mr Russell explained.

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.

“We’re making sure all our engineers are fully certified and stay current with the latest attack vectors. We’re also leveraging artificial intelligence to detect threats faster and respond in real time,” Mr Russell shared.

He noted that collaboration will be key in limiting the damage of future attacks. As a fintech partner to several local banks, MC Systems is continuing to innovate and provide safeguards that strengthen the financial ecosystem.

“Cybersecurity isn’t just a tech issue. It’s a trust issue. And we all have a role to play in protecting the systems that power our economy,” Mr Russell added.