You may need to read this before making that next transaction from the ATM.

Banks have been warned about a new means of robbing ATMs, previously seen in Europe and Mexico.

It works just like it sounds, an ATM machine is compromised to spit out cash to a fraudster at a furious rate of 40 bills every 23 seconds, the Secret Service explained.

“That’s where you get the term jackpotting from because it is basically like a slot machine that you hit the jackpot — you are basically taking all of the money out of the ATM,” supervisory special agent Matt O’Neill told ABC News.

The Secret Service says they’ve seen about a dozen cases across the country from the mid-Atlantic region through New England, the Pacific Northwest and Louisiana. “What we’re finding is the attacks really started in a coordinated effort in December and well north of a million dollars has been taken,” O’Neill said.

ALSO READ: Senator ‘Slapped’ By National Assembly Staff Speaks

How does it work?

Fraudsters pose as ATM technicians, even wearing uniforms and access the teller machine. They open it using a generic key that the Secret Service says is readily available for purchase on the internet.

Once inside, they use a technical means — installing a laptop computer and a cellphone into the machine — to be able to remotely take over the machine and force it to discharge money. But to avoid detection, the bogus technician does not typically take the cash, that’s left to a second co-conspirator.

The second co-conspirator, a “money mule,” then goes to the compromised machine and calls the phoney technician who initiates a withdrawal sequence remotely.

“It runs until it is empty or the person standing at the ATM alerts the controller of the ATM to stop the withdrawal sequence because either law enforcement is nearby or for whatever reason, they get spooked and want to leave the scene,” O’Neill told ABC News.

The technician often returns to the empty machine to retrieve the laptop and cellphone, putting the ATM machine back like he was never there.

FOR MORE FRESH STORIES, DOWNLOAD BOUNCE NEWS APP HERE

ALSO WATCH: Lagos Conductor Fights His Passenger