The Rise Of ATM Attacks – Banks Need To Increase ATM Security

Internet Banking In Nepal And The Rise Of ATM Attacks

Tuesday, September 17, 2019

The digital banking frauds have increased and there are various steps you must take to protect. Looking at the scenario of Nepal, after a Chinese hacker tried to hack millions from Kathmandu bank using new technology the debate over security system has begun. Earlier, a European hacker used a skimmer and camera at an ATM booth to steal user data and withdraw money. The Chinese hacker, however, made money by switching to the switch system.

 The increasing use of cards globally is also posing challenges in the banking system. Nearly two years after successful use of ATMs in London, Himalayan Bank of Nepal started to use ATM cards. Even as digital technologies have made the entire banking process easier, the reports of digital frauds have increased much time in the last few years.

Wondering what might have led to the increase of such frauds in the system? Some of the biggest reasons for this include access to cutting- edge technologies by fraudsters, carelessness or lack of awareness among users. The role of an ATM is important in cash transactions but along with the widespread development of information technology, its unauthorized use is another major challenges.

SOME OF THE WAYS TO PREVENT FROM ATM HACKING  

  1. You should not install any application without verifying its use and potential implications and they should not use any untrusted link or source.
  2. You should avoid untrusted Wi-Fi networks while conducting digital transactions.
  3. You should not disclose your pin to anyone.

Security cards on ATM card such as card number, Zip code and security code on the chip are often stolen and similar fake card are prepared. There are various ways to steal this type of security code such as using a card skimmer.

So the customer also must protect their card by themselves. Banks should also have regular inceptions of their machines.

ATM hacking or ATM jackpotting is another kind of hacking method that is done by taking control of the system. In this way, the amount of money in the ATM is controlled by the use of unauthorized software i.e. malware. This is a new technological method to hack ATM.

 A hack that allows another software access to the system and causes the switch to work as it says is another way of hacking. Many ATMs are affected by this type of hacking.

There is also another way such as a payment processor hack. these all kind of hacks needed a well technological knowledge.

This risk is aggravated due to external forces, such as rapidly evolving complex technologies, use of third-party vendors, and finally, the increased use of mobile apps by consumers, including the rapid growth of the Internet of Things.

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