ATM Technology, Security and Bitcoin ATMs Earn Top Spots in 2021 Blogs

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Every year, at ATM Marketplace, we receive qualified blogs from thought leaders in the ATM and FinTech industries. 2021 was no exception as bloggers covered topics ranging from bitcoin ATMs to skimmers to biometrics.

This is part of a series on the best stories of 2021. Click here for the story of the top five articles.

Every year, at ATM Marketplace, we receive qualified blogs from thought leaders in the ATM and FinTech industries. 2021 was no exception as bloggers covered topics ranging from bitcoin ATMs to skimmers to biometrics.

In particular, the most read blog of 2021 looked at digital skimming and how it is fast becoming the most dangerous and lucrative form of cybercrime. Another story looked at things ATM operators should consider before buying bitcoin.

The top blogs also tackled personal topics, such as a story of Richard Buckle, founder and CEO of Pyalla Technologies LLC, who was refused a check at an ATM.

It’s time to take a look back at the five most read blogs on ATM Marketplace. They are displayed in reverse order. You can click on the blog titles to read the full story.

5. 5 things ATM operators should consider before buying bitcoin

Popularized by millennials and the unbanked, bitcoin offers a safer alternative investment as markets adapt to meet the latest challenges of this ever-changing economy.

Due to the current environment, you may think now is the perfect time to consider adding bitcoin to your ATM offerings. And you would be right, but there are a few things to consider before setting up bitcoin kiosks.

It may seem that choosing an ATM provider is quite simple. From high payouts to supposed “guarantees”, you might feel like the choice is obvious to you. Of course, with the right marketing and advertising, any of these providers can seem like the perfect fit; however, as with most things, “too good to be true” is very true. Here’s a closer look at the top five things to consider when considering adding Bitcoin service to your ATMs.

4. Biometrics: the next step forward in ATM security

What if you didn’t have to remember a PIN or worry about someone scanning your card every time you went to use an ATM?

Passwords are easy to forget and they can be a pain to recover, especially if you’re in a rush. The idea of ​​biometrics is that they are only based on a certain measurement of your body, unique to each person. If implemented correctly, you don’t need a password or even a smart card to access money.

Biometrics promises a smoother customer experience and reduced fraud. Technology is also big business. The biometrics market is expected to be worth $32.7 billion by 2022.

The following are the basic types of biometrics that are used or tested on ATMs today and some of their disadvantages.

3. ATMs in 2021: Change is on the horizon

As ATM usage has declined during COVID-19 due to closures and concerns about cleanliness, the world is starting to return to a “new normal” and as that happens, the ATM will be a lifeline for demographic groups that are not comfortable with digital banking, or rely on cash.

ATMs, far from simply serving utilitarian and transactional purposes, can actually become relationship-building tools for banks that choose to add features such as two-way video, account opening, instant card printing, checkbook printing and other multi-function technologies.

In the future, it is possible that the ATM will become an ATM. Rather than just a source of cash, self-service technology can be central to redefining the retail banking experience delivered around the clock, wherever there is demand.

2. My transaction was rejected – and it was a deposit!

Whatever has been written about the death of cash, there seems to be little evidence of a major change in the status quo. Richard Buckle, Founder and CEO of Pyalla Technologies LLC, found this out the hard way when he tried to deposit a check at an ATM and received an error message, “Check rejected for technical reasons.”

1. Digital skimming: lucrative cybercrime

Digital skimming is one of the biggest hidden threats to any business. With social distancing rules still in effect, businesses are increasingly interacting with their customers through digital channels such as websites and mobile apps. Even traditional businesses such as restaurants are now allowing customers to pre-order and pay for their meals online.

Whenever there is a digital transaction, the company must collect personal data from the user. This data may include names, email addresses, passwords, phone numbers, payment card data and verification codes. And that data is most vulnerable at the point of entry.

Digital skimming, or magecart attacks as they are more commonly known, steals this information directly from the source when the user enters it into a web form or mobile app. The company is often unaware that this has happened since the information was pulled from the user’s computer and not from the company’s servers. Lack of visibility means attacks often go undetected for weeks or months, while hackers produce an abundance of credit card numbers to sell on the dark web. The spoils of a 2019 magecart attack on a major e-commerce platform could net fraudsters up to $130 million, researchers estimate.

The economics behind such attacks are so lucrative that there are now toolkits available on the dark web that will allow even the most inexperienced hackers to perform digital skimming operations. Nation states facing financial sanctions are also trying to tap into this alternative source of revenue by launching their own skimming operations.

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