As we are all aware, the pandemic has changed the behavior of consumers when it comes to depositing checks -- they've adopted mRDC and ATMs as their main deposit channels. In turn, ATMs have evolved over the past few years, offering new services to accommodate this change in behavior.
- Walgreens brings crypto-enabled ATMs to stores
- Diebold Nixdorf CEO shares insights on banking, self service
- Nebraska woman charged with ATM crime
- ATM scammers use 'glue and tap' to steal funds
- Nigeria's cashless experiment leads to chaos
- Examining future ATM trends in 2022
- NCR expands through separation into 2 companies
- Bitcoin of America CEO arrested for unlicensed bitcoin ATMs
- What are the biggest ATM security issues?
- Diebold Nixdorf to file for bankruptcy
Criminals Targeting ATMs
Because ATMs are located in a variety of locations -- that's what makes them so useful -- there are real security concerns. As seen in the list, criminals can perform different scams that steal card information, or simply steal the ATM machine itself.
"ATMs will always be a high-profile target due to the volume of cash and the fact that they are often unattended. The combination of challenging economic times, along with easy access to technologies, have increased the levels of criminal activity," Adam Crighton, SVP and general manager of digital first self-service banking at NCR Corp., said in an email interview. "Criminals are armed with powerful tools that can be used to attack ATMs, including new 3D printing capabilities that have led to new methods of card skimming. We are seeing more and more activities around pulling ATMs from their mountings, attempting to open the safes or taking the ATM to remote areas."
Banks need to not only be concerned with the cash stolen, but also checks deposited into the ATM machine. As we've noted in the Modernizing Check Fraud blog, stolen checks make their way to the dark web and other encrypted messaging platforms where they are sold. Banks are now faced with funds being stolen from their customers as well. This harms both the bottom line AND the reputation of the bank.
The Future of ATMs
The banking industry is currently looking to evolve the ATM experience for their customers. ATM Marketplace notes that "larger banks and credit unions are moving towards the implementation of six-figure ITM/ VTM technology. These ATMs promise increased functionality and decreased expense at branch and off-branch locations. The ability to accelerate transaction automation, increase customer satisfaction, and offload employee expense is the holy grail for many financial institutions."
They also point out that "smaller banks and credit unions are moving towards economical, cash dispensing ATMs. These reliable ATMs are supported for decades without software maintenance fees and untethered from regular Windows ATM upgrades."
The newer systems/machines enable banks to provide new services, while also reducing operational costs. However, they will still perform the essential services of dispensing cash and, of course, depositing checks. These ATMs will utilize the latest innovations, including AI and deep learning to automate the depositing of checks.