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Most ATMs in India utilize outdated tech, prone to fraud

Most ATMs in India utilize outdated tech, prone to fraud

Tuesday, February 28, 2017 IST

Most ATMs in India utilize outdated tech, prone to fraud

Three of five ATMs in India utilize obsolete technology and need essential security highlights, making them prime focuses for fake cash, banking specialists say.

Money loaders don't utilize the "one-time combination" (OTC) strategy –technology that is ordinary in created nations – to work the vast majority of these machines. Exacerbating the situation is the way that the greater part of the nation's 220,000 ATMs are not observed by working shut circuit TV cameras (CCTV).

The poor security permits money loaders to utilize the ATMs at whatever point they need, with no checking. This, specialists say, shows that emergencies, for example, the recuperation of five fake Rs 2,000 notes conveying the “Children’s Bank of India” stamp from a south Delhi ATM a week ago are catastrophes holding up to happen.

"We have asked the banks a few circumstances to introduce OTC locking framework at the ATMs with the goal that observing enhances, sadly most banks don't pay notice," said NSG Rao, secretary of Cash Logistics Association. He said that banks had no information on whether the CCTVs introduced in ATMs were in working condition.

ATM security is under the spotlight after a series of instances of fake cash recuperation from different parts of the nation – a portion of the banknotes photocopied or great replications – months after the legislature presented new Rs 2,000 notes in the wake of rejecting old Rs 500 and Rs 1,000 notes.

The unsecured ATMs have likewise observed a spike in reports of robbery, from 596 cases in 2013-14 to more than 900 in 2015-16. A week ago, a man griped to Uttar Pradesh Police that he got a photocopy of a Rs 2,000 note from a State Bank of India ATM in Shahjahanpur.