Are you planning to start an ATM business? It’s undoubtedly a great source of income. And this business can give you a massive profit within the shortest possible time. Hence, most business owners in Colorado are showing interest in it to increase their revenue. According to research, The global ATM market size reached USD 20.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. But it causes a serious matter of concern when it comes to securing the machine.
Nowadays, the number of ATM crimes in this city is increasing day by day. And most of them happen from 07:00 PM to midnight. The criminals use varieties of equipment on legitimate ATMs to steal ATM card numbers and PINs. But there is nothing to get worried about! In this blog, we have brought out a few effective security tips to protect your ATM. Prior to that, let’s take a look at the security risks you may encounter when operating an ATM.
Types of ATM Security Risks You May Encounter
There are two types of risks you may face while operating an ATM – physical and logical attacks. Physical attacks involve vandalizing or uprooting the machine, accessing the cash inside, etc. And logical attack means accessing the mainboard or electronics to breach the hardware and software. Logical attackers can cause the machine to malfunction.
There are varieties of ways scammers and fraudsters tamper with an ATM to access the card numbers and PIN. Listed below are some of them:
These devices can be used in ATMs to record a user’s PIN number. Hence, after installing an ATM, it’s prudent for the user to cover the PIN pad with another hand when inserting the PIN. Any loose part around the card slot or keypad indicates the presence of a pinhole camera.
Fake fronts are nothing but PIN capture devices and cash capture or card. And these are what provide fraudsters quick access to cash.
Skimmers and Shimmers
Skimmers can be attached to an ATM’s card slot to capture card details secretly. But a shimmer is smaller than a skimmer, which can help fraudsters collect data from a card’s chip.
Counterfeit PIN Pad
Counterfeit PIN pads will feel thick, loose, or sponge-like. It lies on the top of the legitimate keypad, which captures the PIN while the transaction is happening. And this way, users remain unsuspecting as the transaction takes place normally.
This device traps the card inside the machine. And if it happens, the ATM will keep asking for a PIN until it reads the card. And in this case, if you abandon the machine, criminals will have an opportunity to collect your card.
Hence, to protect your machine and customers from these attacks, follow the ATM security tips mentioned below.
How to Protect Your ATM
Place the ATM Carefully
When it comes to ATM placement in Colorado, consider the location first. Whether you have a gas station or a convenience store, make sure you install a security camera in the place where the ATM will be installed. These cameras will not only deter criminals but also provide a real-time feed of the machine and its activity.
It’s best to place an ATM in an open and well-lit area. Take apt measures to limit physical access to the machine. If your ATM is against the wall or blocked by furniture, it can be difficult for fraudsters to steal information.
Bolt Down the ATM
Bolting down the ATM can prevent strangers from manipulating or moving it. First of all, you need to get permission from the location owner as you will bolt the machine to the floor. But the damage would be minimal. And you can easily cover up the residual blemishes. The ATM you choose should come with 4 pre-drilled holes. Then with the help of a hammer and ½” concrete bits, you can drill about 4” deep. But it’s best to leave it to the ATM installer to get it done.
As stated earlier, a logical attack involves accessing the mainboard and other internal electronics. Therefore, it’s a must to secure the top of the case. If there are gaps, these allow criminals to access cabling between the dispenser and mainboard to gain control of the ATM and cause it to malfunction.
To protect your ATM, you can either place an internal barrier between the crucial electrical components and the case or fill the seams. This can act as a second barrier that hinders criminals from breaching the seam. Limit the number of people who have access to the ATM store. Provide keys to a few reliable ones and change them periodically if necessary.
Update Software Regularly
Logical attacks require accessing software. The older the software is, the easier it is for criminals to breach the software as it lacks modern safeguards. That is why it’s imperative to update ATM software on a regular basis. Many criminals target ATMs with software security holes. Hence, it’s best to establish a schedule to ensure you don’t neglect or update software with the latest security upgrades.
ATM insurance would not prevent an attack. But it can protect you from financial loss. With ATM insurance, you will be able to recoup any losses. This insurance is relatively inexpensive. Therefore, if you have your own store where you want to get your ATM installed, add it to your existing business insurance policy. If it’s located in a standalone location, shop for an ATM insurance policy.
Like others, you can also customize this insurance to meet your specific needs. Opt for the policy that will cover your machine and cash. The premium rate will depend on the amount of coverage, the company you choose, and your budget.
Contact us for an ATM placement in Colorado and use these security tips to safeguard it. Rely on our experts for ATM maintenance and digital monitoring. But always keep your eyes on the lookout for any signs of tampering. It’s best to purchase a camera to prevent attacks and ensure no one lingers around it.