Effectiveness of ATM security mechanisms: a review analysis

Abstract

In the modern hasty word, Banks and ATM (Automated Teller Machine)s are inevitability possessions of all humans. With the use of ATMs people can do several financial transactions and related activities day to day life. The common authentication mechanism uses in ATM is card with PIN (Personal Identification Number) for the secure transactions since long time ago. But nowadays cause of the higher advancement in technology tends alert and fear among banks and ATM users thus it is important to overcome the problem to safe ATM activities. In this study, analyzes the recent and popular authentication mechanisms related to ATM security and recommends better solution from the past studies to increase ATM security in the process of authentication and to protect from illegal physical activities at the ATM. This study compares different combination of authentication mechanism including the classical PIN method and recommends the best solution by weighting four important attributes namely security Performance, Accuracy, Cost and Flexibility in terms of security. Based on the total score weighted from the comparison this study recommends a secure solution as a combination of two methods from the past studies. A two-step verification method with “PIN and Fingerprint or S-code (Secure-code) with OTP (One Time Password)” was identified as the best solution for authentication since its higher security and flexibility to the users, meanwhile another mechanism with “GPS and sensors” was recommended for the protection against the illegal physical activity and for providing post- tracing capability.