WHAT YOU NEED TO KNOW ABOUT SECURITY AND PRIVACY WHEN USING INTERACTIVE TELLER MACHINES

What You Need to Know About Security and Privacy When Using Interactive Teller Machines

What You Need to Know About Security and Privacy When Using Interactive Teller Machines

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A relatively new development in the banking technology world is an Interactive Teller Machine, or ITM. ITMs are much more animated and personalized than the traditional ATMs, from which they descended.

As its adoption is growing, so does the potential impact of ITMs for improved customer service and ease of access. However, with a general adoption of ITMs by all who are interested, security and privacy issues abound. Consideration of these issues is crucial to ensure a safe and secure experience with these machines.

What are ITMs? What benefits and what risks with security and privacy do they entail? Are there best practices that ensure interaction with them remains secure and private?

What are Interactive Teller Machines?


Interactive Teller Machines, high-end kiosk banking platforms, allow consumers to deposit, withdraw and execute the many banking tasks without an agent present within a physical bank.

The ITM incorporates video conferencing functionality, allowing users to communicate directly with a live bank teller from a remote location, unlike traditional ATMs.

ITMs bring with themselves the functionality of a conventional ATM and the highly personalized feel of a bank teller-the safest bet for nearly all banking services.

Functions of Interactive Teller Machines


These functions offer a vast array of services beyond the mere ATM transaction. Some core services include:

  • Cash Deposits and Withdrawals: Analogous to an ATM, the user can deposit or withdraw cash, though typically with greater flexibility than with an ATM regarding denomination and higher limits.

  • Live Teller Access: The most unique advantage of ITMs is that they provide customers with access to live tellers. This feature allows users to seek answers, solve problems, or receive support for intricate transactions that are not possible to complete at an ATM.

  • Deposit by Cheque: Customers can deposit cheques through the ITMs, and again, such deposits do not require the customer to visit a branch.

  • Transfer of Funds from Account: ITMs enable customers to transfer funds between their accounts, even when it is not business hours.

  • Bill Payments: ITMs can process bill payments, giving customers greater control of their finances without the need for them to access online banking.























Benefits of Using Interactive Teller Machines


There are quite a number of advantages in making use of ITMs, especially considering convenience and customer service:

  • Extended Hours of Operation: ITMs are available beyond the hours of banking, whereby bank customers can access it at times convenient to them. Some are available 24/7.

  • Customer Service: The video feature offers customers a direct link to live tellers who can handle complicated transactions – for example, wire transfer and questions regarding their accounts.

  • Faster Time: ITMs save time for customers who have to wait in long lines in the bank or come in to see a teller. Most of their transactions take less time at an ATM.

  • Accessibility in Inaccessible Locations: For a consumer whose nearest bank branch is not easily accessible, an ITM can be a very good alternative













Security Vulnerability through Interactive Teller Machines


Like any other financial technology, security issues associated with the ITMs. Since they involve sensitive personal and financial information, there must be a recognition of existing and potential risks that can also mitigated. Physical and cyber threats compromise the security of users’ transactions involving ITMs.

Physical Security Measures


The physical safety of ITMs is strongly linked with safe performance. It is important to design and install these equipment in a way that makes it difficult for someone to steal or damage them, which would lead to tampering.

Some of the main practices employed during this process are as follows:

  • Location of ITMs: Lights should have machines placed so that people may utilize them with ease in busy places. This reduces the risk of theft or vandalism. Banks put ITMs near their branches or safely in closed places.

  • Surveillance: ITMs come with cameras which usually capture the surroundings of the machine. Such video recordings deter criminals and are useful when there is investigation in case a crime does occur.

  • Machine Design: Modern designs of ITMs are such that no one can access them physically, and they have reinforced locks, armored casings, and anti-skimming, thus deterring criminals as well.


Cybersecurity Threats


With increased technological intensity, cyber threats have also been a thing of great concern to ITMs. Some of the most common cyber risks include the following:

  • Malware Attacks: Cyber thieves may attempt to install malware on the ITM with the aim of stealing sensitive information such as PINs, account number, or other personal data.
    The hackers will attempt to take security loopholes in the software running the ITMs. They will be able to penetrate the operating system in case such flaws exist and begin siphoning information or engineering activities.

  • Data Interception: In transaction, the ITM communicates with the servers located in the banks. Such communication might be unencrypted in case hackers intercept it and use the same for malicious acts.


Privacy Issues When Using ITMs


Besides security, there are also privacy issues in using the ITMs. Although this is not viewed as an essential aspect while using the ITMs, the protection of personal data is inevitable. The banks have to put up policies that safeguard the information of their customers.

Data Encryption and Protection


Encryption is one of the most critical technologies used to protect any sensitive information related to an ITM transaction. That is, it ensures that information such as account numbers and information related to the transactions moving from the ITM to the bank’s servers are safe.

It does this through translation into a coded form, which only authorized parties can decrypt.

  • End-to-End Encryption: ITMs should always use end-to-end encryption to ensure that all data is fully safeguarded from the moment it leaves the machine until it is finally entered into the bank’s systems.

  • Data Storage and Access Controls: It is a collective responsibility of banks to ensure secure storage of transaction data and access limits to authorized persons only. This is why these strong access controls would stop the wrong guys from entering sensitive customer data.
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While banks and other financial organizations will obliged to secure user information, it is also the individual’s obligation to make sure their private information will protected when using ITMs Some of the major practices are:

Awareness of surroundings: One must be aware of his surroundings while accessing an ITM. He should cover his PIN from those who may be viewing and not use the machine if there are suspicious-looking characters around him.

  • Tampering Check: Before using an ITM, users should make sure it wasn’t altered with; for example, loose components and different attachments might indicate a skimmer device.

  • Clearing Session: Upon completing a transaction, it is essential that users log off the session to prevent any other person from accessing your account.























Safe Interactive Teller Machines Usage Practices


Best practice for users will improve their security while using ITMs and protecting personal data. The following tips are using  to keep the experience safe:

Recognizing and Reporting Suspicious Activity


Users should be really cautious while using the ITMs. If they find even the slightest suspicious activity or if the machine has tampered with in some way, they should immediately file a report to the bank or concerned authority.

Few key things to look for are:

  • Unfamiliar Devices: Users must be cautious of unfamiliar devices attached to the machine, which is a skimmer used to capture card information.

  • Bizarre behavior of Your Software: If your ITM’s software is acting strangely, perhaps sending some kind of error messages, or takes longer to process transactions. It has most likely to compromised.


Monitoring of accounts


One of the best fraud defenses is monitoring your bank account. By constantly reviewing your statements, users will be able to recognize unauthorized transactions and promptly report them to the bank.

The primary steps include:

  • Set Up Account Alerts: Every time a transaction done on a customer’s account, the majority of banks offer alert services that will notify them. Alerts can help users know about fraudulent activities in real-time.

  • Check Statements Monthly: The copyright for the account must examined once a month to make sure all transactions are legitimate. Any disparity discovered ought to reported to the bank.


Conclusion


By fusing live teller assistance with the convenience of an automated teller machine, interactive teller machines will designed to make managing a person’s banking requirements much simpler and more effective.

As usage of ITMs grows so, too does the risk of compromise to security and privacy. Being alert to what those vulnerabilities might be both physical and cyber-will keep customers better informed as to how to use such machines in safety.

This can also achieved by adoption of best practices such as something suspicious activity and regular account monitoring. Proper security measures and privacy protection will allow the banks to keep personal information safe and protect themselves against fraud.

Therefore, the continually changing nature of threat activity will require it to keep up with the advanced technologies that are constantly emerging.






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