Tuesday, September 21, 2021
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Swiping out your savings from ATM

Despite ATM security beefed up in the city, there are many cases where the culprits swipe out your savings from ATMs. This is due to sharing of data to unknown persons and leave the ATM with trace of the data in the Automated Teller Machine and give scope for frauds. The security lapse is clearly evident and alarming as well. If urban Indians suffer like this, what will be the fate of people in rural India? Banks going on opening ATM centres and RBI allots license to Bank Branches in rural centres without proper security. There is no security to guard ATM machines and the risk involved is on higher side now a days. Now it is up to the Bank Management to provide much needed viewing by the Bank Managers for onsite ATMS and off-site ATMs should be connected to Bank’s link for regular follow-up. Automated Teller Machine (ATM) is the centre from which number of frauds are generated showed where the weakness lies.

Nikhil Akhilmaniam

(The views expressed by the author in the article are his/her own.)

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