ATM Insecurity Exposed

In India, Banks  are pushing Customers to interact with them only through ATMs. Even RBI is encouraging this mode of interaction and discouraging customers from visiting bank branches.

As a result of this policy, Bank customers are being exposed to increased levels of insecurity in their Banking transactions. Apart from the various incidents reported in India involving skimmers and hacking of ATMs, the video in this link provides a clear indication of how unsafe are the current systems.

Please view this Video which contains a demo in a hacker’s conference.

A Complete demonstration and details of how the systems were compromised are available here

Related Article in bankinfosecurity.

In one of the attacks, the demonstrator reprogrammed the ATM remotely over a network, without touching the machine; the second attack required he open the front panel and plug in a USB stick loaded with malware.

The ATM fraud is therefore a threat looming large in Indian Banks. Hence there is a need for a special ATM security mechanism to be introduced by the Banks to protect themselves and their customers.

Hope RBI will take note.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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