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Problem
[ Ravi Bindra ]   Created: 11/28/10   Closing date: 12/28/10

ATM fraud involving debit cards and personal-identification numbers is on the rise.

How the ATM fraud could be reduced?

Let's suggest some creative solutions that would help increase ATM security and reduce our risk as ATM users.

 
Solution
[ Vadim Kotelnikov ] 11/28/10 Add a comment
Expert rating 9.4
Public rating 9.5

Voting is completed

Some experts say banks and retailers may use the capabilities of smartphones to verify transactions. This will increase ATM security but will also increase queues.

Some banks inform you by SMS that a cash withdrawal was made fom your account. In case the withdrawal was unauthorised, you can call the bank and request them to disable ATM withdrawal. This is good, but not good enough.

Description of the prposed solution. ...

As the idea arouse great interest of prospective business partners who suggest to patent and commercialize it, the desciption was made confidential. Sorry for the inconvenience caused, but the business in this particular case comes first.

 
Comment
[ Elena Dobrynchenko ] 11/28/10 Add a comment
  

My compliments, Vadim!

 
Current message
Comment
[ Vadim Kotelnikov ] 11/29/10 Add a comment
  

In Singapore, banks employed an appearinlgy similar solution, yet it's quite an oposite one and harder to implement technologically. The banks send their customer an sms with a new security code after every cash withdrawal. It works like a credit card security code.  After yo've entered the PIN code, the ATM asks you to enter the security code. You should enter it within 3 seconds.

 
Subtree of discussion
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Agree!
  Elena Dobrynchenko 11/28/10
Thank's Elena!:-)
  Vadim Kotelnikov 11/29/10
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