How secure are today’s ATMs? 5 questions answered
Editor’s note: Automated teller machines, better known as ATMs, are turning 50 on June 27. In the broadest sense, an ATM works by accepting a cash request from a user, verifying the user’s authority to access a particular bank account, ensuring that account has enough money to fulfill the request and dispensing the money — all without the assistance of a bank clerk or teller. Rather than today’s plastic card with a magnetic strip and embedded microchip, the first machine accepted a slip of paper with a mildly radioactive substance — carbon-14 — printed on it in a particular pattern. When using modern ATMs, a customer inserts a plastic card into the machine’s reader, which registers either the data encoded on the card’s magnetic strip or its embedded chip. Often used when logging in to online services like social media and email systems, two-factor authentication has most commonly involved entering not only the PIN but also a numeric code received by text message on the user’s phone and valid for only a short period of time.
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