Withdrawing money from an ATM is one convenient and quick way to access your money. With the launch of the self-service banking channel, ATMs have since then been a target of attack. Since the last 10 years we have witnessed a major surge in the usage of ATMs and simultaneously fraudsters have also become more sophisticated in their methods of trying to steal funds from bank accounts. The threat of dishonest behavior from a small number of individuals should never put you off from using cash machines, but it is always wise for you to adopt a safety-conscious approach when using an ATM.
ATMs are thus considered to be a safe and convenient way to manage your money. Millions and millions of ATMs have been installed all over the world and they function 24/7 with features like selecting your own language and even the denominations you prefer. Other facilities include mini bank statements, service requests like bank cheque books, and even depositing money into these machines.
ATM Security Management Tips
With the whole world using the ATM facility to make life stress-free by preventing the need to wait in long bank queues to either deposit or withdraw money, it is time now for ATM users to remember and follow ATM security management tips.
•Do not use an ATM if you even suspect that the machine could have been tampered with. Immediately contact the machine’s owner in order to reduce the likelihood of other people becoming a victim to potential fraudsters
•Treat your ATM pin as a top secret. When entering your ATM pin, ensure to always block the view of the ATM keypad with your hand. Remember that banks will never ask for your PIN, and never write it down.
•If you have an issue while using an ATM, never ask a stranger for help. Asking for help should be a last resort.
• Only use ATMs located in busy and well-lit areas, especially during the night. It could be even better if you use an ATM located indoors, in a building society branch or bank, or one that is monitored by CCTV.
• Check over the cash machine. ATM fraudsters are known for using tactics such as placing false fronts over the card slot to skim or copy your details. They could also set a small camera above the keypad or inside the hole in the wall in order to capture you entering your PIN.
With ATM attacks becoming more sophisticated and subtler these days, we find that criminals do not even need physical access to an ATM. Criminals employ cyberattack methods to steal data from bank networks and cash out ATMs later, or they could also take advantage of transaction process flaws to repeatedly “cancel” transactions while in reality withdrawing huge sums of cash. Even though defenses against all these threats do exist, it is still necessary to make sure that countermeasures are installed, updated and monitored. This indeed is an increasingly challenging task.
With risks evolving at the self-service channel, managing its security has become more important and complicated. There is indeed an endless pressure not only to avoid reputation or monetary loss but also to conform to changing industry standards and regulatory requirements in the process.
When talking about ATM security management, an increasing number of retail banks and credit unions are now discovering the fact that the best route to relieving the stress of managing self-service security is to just stop thinking about it altogether. In these cases, they are not just assuming that attacks don’t occur but they are actually choosing to outsource responsibility for self-service security to experts specializing in preventing, detecting and dealing with ATM attacks all over the world.
Instead of hiring hard-to-find, expensive security professionals and dedicating time and resources to detect and manage the necessary defensive upgrades to resist developing attacks, financial institutions are now depending on industry professionals who do it every day. In the process, they also benefit from:
• Insights from specialists who excel in threat mitigation across the industry and those who know how to proactively decrease the risk
• Access to a 24×7 Secure Operations Center (SOC), monitoring, threat response, consultation, and audit/reporting support
• Services that can cover everything from maintenance to all the essential updates that evolve with the requirements of the market
Additional ATM Security Management Tips
Given below are some additional security tips that will help in ATM Security Management:
• On a regular basis, download patches and software updates for Windows-based ATMs.
• Make sure that networks are secure because in case one ATM is hacked, fraudsters will not be able to infect the whole ATM network or even the entire corporate network.
• Monitor systems for any changes in software that have not been recorded or approved.
• Make locks to ATM enclosures secure, and always test locks before buying the fleet. If you find the locks to be weak, have the manufacturer upgrade or replace them.