Comment Physical security is not the issue... (Score 1) 78
There are two ways to store your hundred dollars: you could spread it around the house, putting one dollar in each drawer, and some under your mattress and all of that. Or you could put it in a bank, which is one basket, but it's a basket that is protected by 12-inch thick steel doors. That seems like the better option!
Sounds great, until someone steals your ATM card number and drains your bank account. Then those 12-inch thick steel doors do nothing to protect you. The vulnerability is never the hardened bank vault, its the shoddy technology around the electronic systems. It pains me that there's still no commonly available way to get physical currency out of an ATM than to trust the security of an easily copied magnetic strip and an almost as easily clonable 4-digit number.
I cancelled all of my "debit" cards a few years ago because someone stole my number to take all of my money to buy limo rides and champagne one Christmas eve. After that I swore to only use my card in "trusted" locations (so no gas station ATMs) and as rarely as possible. Last month my card got skimmed at an ATM attached to a bank, and a cloned card was used to drain my account this weekend.