Atm Security - Importance of Atm Security

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Introduction

Nowadays people prefer a faster way to access their bank accounts. So that they would not spend time waiting in a line in the bank. It would be a great hindrance in their fast moving life style. This is where ATMs are very important. “People use ATMs without even thinking twice. But not all of them think about the security risks involved. The use of ATM is on a rise and so is the number of crimes involved”. Having said that, it is very important for us as users to understand the benefits and vulnerabilities of present day ATMs’ security. Have you ever realized that the bridge between the hundreds and millions in your bank account and a system hacker is constructed by a thin layer of uncertain security issues of ATMs? A sound technical knowledge alone is enough for a hacker to rob you to the last penny. Now it is scary isn’t it? So this report will analyze to a certain extant about the issues and perspectives related to ATM security that is generally missed of ignored both by the banks and the customers or ATM users. Both these parties are bound to know how vulnerable ATM security is these days. This will also go through some controversial issues ignored by the users and avoided by the banks in their ATMs from Social, Legal, and Ethical perspectives.

Importance of ATM security

Having a solid security to ATMs is very vital for banks to maintain their quality service and reputation. Most leading and established banks do consider this fact as a top priority when you have a reliable security to your ATMs there are many positive outcomes. Mainly you will win the customers’ trust and loyalty, reduction of financial losses due to technical and non-technical robberies, and added security will improve the rate of transactions and eventually the banks can profit through it.

Social issues and impacts

Issues related to ATM security have a very indirect impact on the society. Due to that people tend to give less consideration to these issues. They only think about it during the after math of a severe security breach in their ATMs. By having a good security system it will prevent and reduce crimes, thefts and misunderstandings to a great extant in the society. The users generally have a bit of an uncertainty when it comes to ATMs and its frequent usage. They are not sure about the safety around an unprotected ATM outlet. This is like an invitation for crimes and robberies in the town. As a result it will be difficult to enjoy a crime free pleasant environment. Upgrading the ATMs security will provide relief mentally to the users and assists in building a concrete relationship between the customers and banks. This is very vital in an economically developing society. If a crime occurs the victims may experience traumatic injuries in case if the financial losses are big or very important to them. So banks should realize that they are not always handling rich businessmen but also desperate middle-class people who rely and trust its security and safety.

An Ethical Dimension

As security becomes a commonly considered feature in ATMs today, there are some opposing perspectives or ethical dilemmas to face with. The reason for this is there are two parties involved with security issues, the banks and the customers. The banks consistently and firmly focus more towards preventing crimes and providing a flawless service to the society. Where customers, as human, will always require safety and privacy at the same time. So when discussing security of ATMs there are controversial issues that are in practice presently. Is it ethical to collect visual data through security cameras in ATM outlets? According to consequentalist theory it might look ethical to have security...
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