Automated Teller Machine ATM is an electronic cash
dispensing machine which came to reduce the stress and trouble customers often
encounter while trying to withdraw cash from their respective banks or even to
check their accounts balance. This machine has grown beyond the traditional
role mentioned above. Through ATM card, one can now pay for items purchase,
even on-line.
ATM fraud is perpetrated through the
ATM machine and e-transaction system. The current rise in ATM fraud has made
the public to lose confidence in this technology that is meant
to provide
convenience and comfort while making cash withdrawal or while shopping. It also
helps to reduce the risk of carrying cash around. It comes in different format
and methods. At times, a hidden camera is installed in an ATM Machine with the
hope of stealing the personal data of the users. In some cases, the criminal sets
ups up their own ATMs machines hoping to steal the personal data of users and
later use same to commit crime. At times the criminals steal the PIN of the users
and also with their cards and use them to withdraw all the money in their
accounts.
Millions of dollars are lost
annually by consumers who have credit card and calling card numbers stolen from
on-line databases. Security measures are improving and traditional methods of
law enforcement seem to be sufficient for prosecuting the theft of such
information in the USA, UK, France, Italy, Russua, China, Japan, Germany and
other countries, but lacks effective enforcement in Nigeria, Ghana, Egypt and
other African countries. Bulletin boards and other online services are frequent
target fro hackers who want to access large databases of credit and debit cards
information.
Cases of ATM frauds have made some
banks and their customers lose millions of Naira yearly in Nigeria. The CBN and
various banks are always coming up with new policies and technology to beat the
intelligence of these online thieves.
RELATED ARTICLES
Click on the related links below and read more.
We can keep you updated on this information, please Subscribe for Free by entering your email address in the space provided.