A phantom withdrawal is a cash withdrawal from an
automatic teller machine
An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...
where money has been withdrawn from an account, and neither the customer nor the bank admit liability.
If the banks are unable to find any error on their side, they conclude that the withdrawals were done by the customers. Many experts ascribe phantom withdrawals to criminal activity done using the banking network itself.
Imperial College London
Imperial College London (legally Imperial College of Science, Technology and Medicine) is a public research university in London, United Kingdom. Its history began with Prince Albert, consort of Queen Victoria, who developed his vision for a cu ...
See also
* Automated Teller Machine (ATM)
* ATM Industry Association (ATMIA)
* Security of ATMs
References
External links
- A website devoted to the topic
Automated teller machines
{{money-stub