Page 46 - Dataquest

INTEllIGENT COMPUTING | SECURITY
Naveen Jakhar, Dheeraj Malhotra,
Vineet Malik
maildqindia@cybermedia.co.in

Payment Frauds During aTM and

digital Transactions

While ATMs have revolutionized banking, but at the same time, it is prone
to hacking by criminals. Here we look at how ATMs fall prey to hackers

and ways of securing it

n ATM is an electronic banking outlet, which Authentication is provided by the customer entering
allows customers to complete transactions a Personal Identification Number (PIN) which must
without the aid of a branch representative or match the PIN stored in the chip on the card (if the card
A teller.On most modern ATMs, the customer is is so equipped) or in the issuing financial institution’s
identified by inserting a plastic ATM card with a magnetic database. Cardholder’s data continues to be a target
stripe or a plastic smart card with a chip that contains for criminals. The technological advances have boosted
a unique card number which is linked to the customer’s the growth of ATM users exponentially, but at the same
bank account and some security information such as an time, the number of attacks/frauds has also increased.
expiration date or CVVC (CVV). These attacks could be counted as a security risk

46 | January, 2018 www.dqindia.com A CyberMedia Publication |