An Automatic Teller Machine is a machine that is used for communication with a financial institution/ bank to provide a secure method for dispensing money. It replaces the teller at the bank and so is called Automatic teller machine.
The process is simple you insert a personally coded card as a means of authentication. The ATM communicates with the bank or credit card account and checks the balance in your account. Then it allows you to pay your bill or transfer or even accordingly dispenses the amount requested for.
ATM hacking is related to getting your personally coded information from the machine by fraudulent means. This is done by placing a spy camera so that the Personal Identification number (PIN) is recorded by the crooks.
The Code number on your card is obtained by a reader which reads the magnetic strip on your card and transmits it to the nearby receiver where it is recorded by the hacker.
With this information the hacker creates a card with your code and then wi thdraws money from your account using the PIN recorded through the Spy Cam.
There are other methods of fraud related to ATM machines. A computer geek could get the Administrator password of the ATM and change the nature of the currency it holds. For example he could alter the $10 bills with $50 thus getting S50 bills instead of $10. SO if he were to enter $100 the machine would dispense $500 in ten $50 bills instead of $100 ten $10 bills.
The process is simple you insert a personally coded card as a means of authentication. The ATM communicates with the bank or credit card account and checks the balance in your account. Then it allows you to pay your bill or transfer or even accordingly dispenses the amount requested for.
ATM hacking is related to getting your personally coded information from the machine by fraudulent means. This is done by placing a spy camera so that the Personal Identification number (PIN) is recorded by the crooks.
The Code number on your card is obtained by a reader which reads the magnetic strip on your card and transmits it to the nearby receiver where it is recorded by the hacker.
With this information the hacker creates a card with your code and then wi thdraws money from your account using the PIN recorded through the Spy Cam.
There are other methods of fraud related to ATM machines. A computer geek could get the Administrator password of the ATM and change the nature of the currency it holds. For example he could alter the $10 bills with $50 thus getting S50 bills instead of $10. SO if he were to enter $100 the machine would dispense $500 in ten $50 bills instead of $100 ten $10 bills.