But the real threat against ATMs isn't that it can happen, but that it's too easy to happen. ATM systems are very simple to compromise, remarks Golovanov.
Not surprisingly, the single most real threat isn't malicious scripting or false keyboards or even pinhole cameras; it's the actual metal box right in front of us when we withdrawal cash.
"The biggest threat is a physical one, because ATMs have very poor physical security, so basically anybody can do anything to one", says Golovanov.
ATMs are owned and operated by many, not just the banks. Inside jobs make it easier for criminal networks to access vulnerable machines in open locations. And users are often none the wiser for it.
Unfortunately for Golovanov and other malware warriors in this fight, is that they lack the tools to fight the ATM crime wave in the same manner they would usually approach online malware and fraud. The two worlds may be appropriately linked, but they aren't the same.
ATM systems often run on Windows systems not designed for enterprise or consumer anti-virus/security products. And the files are written as root kits to keep them well hidden inside the system.
"There just isn't antivirus for ATMs. There is effectively no security for these kind of devices", says Golovanov rather bluntly.
It's a worrisome trend: the more you start to contemplate the amount of money and personal details processed through ATMs on a daily basis, the more you realise how much is at stake - and how little we can do about it.
For researchers in the field, it's become an uphill battle just keeping up with new methods being employed by ATM criminals. The bad guys have been able to access these systems and get away without getting caught and for Golovanov, that's the real crux of the issue. "They were able to get away it", he said. Crime really does pay sometimes.
As for warning users, Golovanov believes that media spotlight which these issues are receiving is in itself, a positive thing.
He advises banking customers to err on the side of caution. If an ATM looks fishy, or you suspect a machine has been tampered with, it's worth trying another, cites Golovanov.
"Of course, (with) all these scams, all of this skimming, it's all been well researched and kind of talked to death, but people are still getting caught in all of this, so there's no harm in talking about this and warning people again."
So, should we fear the average ATM? Run for the hills? Keep our cash under our mattresses?
Users shouldn't be alarmed, cautions Golovanov. Our money is insured by the bank and a security breakdown is their responsibility at the end of the day. Everyday vigilance is the best course of approach.
"There is no absolute universal advice that applies to everybody. So the standard advice is to be on your guard and use your common sense", says Golovanov, somewhat upbeat.
"Don't be paranoid, but keep your brain switched on."