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What is ATM?

ATM is also known a Cash Machine.An electronic telecommunications device that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller.

It is widely accepted that the first cash machine was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on 27 June 1967.

There are two primary types of automated teller machines, or ATMs. The basic units allow the customer to only withdraw cash and receive a report of the account's balance. The more complex machines will accept deposits, facilitate credit card payments and report account information. To access the advanced features of the complex units, you will usually need to be a member of the bank that operates the machine.

Types of ATM Cards:

There are two basic types of ATM cards;1. Credit Cards2. Debit CardsCredit Cards: A credit card is a payment card issued to users (cardholders) as a method of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.

Debit Cards: A debit card (also known as a bank card or check card) is a plastic payment card that provides cardholders electronic access to their bank account(s) at a financial institution. Some cards may bear a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. The card, where accepted, can be used instead of cash when making purchases.

Advantages and Disadvantages of ATM

Advantages: 1. Your ATM card is protected by a PIN, keeping your money safe.2. ATMs are faster than going to the bank—no long lines.3. You can withdraw cash at any time, day or night. The banks

don’t need to be open.4. You don’t have to carry cash around with you.5. You can use it to pay at some retail shops.6. If your card is stolen, the thief cannot get your money without

your PIN.

Disadvantages:1. The ATM can break down or run out of cash.2. Risk of robbery when you leave the ATM.3. ATM may be off-line (system down).4. If you forget your PIN number you cannot use the card.5. The system can be off-line.6. Fees charged to use ATMs of other banks can become

expensive.

ATM fraud in Bangladesh

Using fake cards :

Using fake cards are one of the most common ATM problem in Bangladesh.people use fake ATM cards and withdraw money from ATM booth.

Recent EBL ( eastern bank limited) provided compensation to its clients whose money was withdrawn from ATM booths in the city by using fake cards.The EBL authority formally handed over cheques to its five affected clients out of 24 at a function at Bangladesh Bank. The compensation amount of Tk 17.53 lakh for the remaining affected clients was paid through their respective accounts.

Skimming device: Installing skimming devices are the most recent problem in bangladesh.The miscreants used duplicate cards collecting information of clients' cards and PIN numbers through installing video camera and skimming devices.Recently UCB (United commercial bank) authorities suspect that a foreigner was involved with a gang that stole card information of their clients and withdrew large amount of money from ATM booths by creating duplicate card with the help of skimming device.

Hacking :   Hackers steal $100M (Tk 780 crore) from Bangladesh bank.Almost the entire amount was transferred online to the Philippines banking system and a small portion of it to Sri Lanka by suspected Chinese hackers on Feb. 5, said the central bank officials.A senior official of the BB (the central monetary authority in Bangladesh) told that a small portion of the stolen money had already been recovered from Sri Lanka. But the money, which is in the Philippines, has yet to be recovered. It was the biggest hacking in the history of Bangladesh.

ATM User in Bangladesh

The ATM user of Bangladesh is very low compared to other countries. But the user of ATM in Bangladesh is increasing day by day. Almost all the banks offer to their customers ATM service. The students and the people who live in a village also enjoying this service though some scams scared customers but everyone enjoy this service happily

Cash Deposit: there is an interesting service on ATM booth is called Fast track service.This service is only given by Dutch bangla bank.Fast Tracks offer facility of cash deposit for extended hours and even on Saturdays.Every Fast Track is equipped with a deposit machine and the officer on duty receives cash or cheque from customers, counts and inserts cash/cheque into specially designed envelope and closes the envelope.

Conclusion

From its humble and uncertain beginning nearly 50 years ago, the ATM has become pervasive. But it wasn't until the 1980s, more than 15 years after the machine's invention, that the ATM's success was assured. Today, we're asked for our PINs in libraries, on the Internet, and in every sort of retail store, for which debit cards have become the de facto currency. The near-total global integration of ATM networks means that we can travel almost anywhere in the world with just a piece of plastic in our pocket, confident that we'll have access to cash in places as far afield as Dhaka, Chittagong, Barisal, Sylhet even Saint-Martin. Yet for all its digital innovations, the quick dispensing of physical cash remains the core, transformative function of the ATM.

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