Practical proposal about ATM fraud - Essay Example

Practical proposal about ATM fraud Introduction Fraud attempts targeting ATMs are on the increase. Skimming is one of the techniques used by criminals in this case where they scan personal information and use it. This has gone to the extent of bank owned ATMs with the recent percentage of this criminal activity going as high as 24% in Europe (Abagnale 89). This has led to countries like Canada adopting more protection for their ATM cards. A typical example is the use of chip-and PIN debit cards which have more protection in the form of an extra layer of chip material.

Proposed Solution Since the chip-and PIN is not foolproof, we need to employ the use of more sophisticated technologies. Smart phones can be used to make withdrawals and payments in retail stores instead of credit cards. This will protect the PIN numbers and other personal information. Rebuttal of Opposing Views According to Abagnale, the use of smart phones will not apply universally as this will require one to become an expert of some electronic gadget, a task that is not so easy. However, technology is just part of the inevitable change that happens as we become more civilized.

The same way people got training on computers, is the same way they can get training on use of these efficient gadgets (Abagnale, 108). Justification The investment is actually worthwhile for varied reasons. First, it is impossible to record the PIN as done on an ATM. Secondly; the same smart phone can be used to keep track of one’s expenses as it records when and where the transaction was made. This information can also be accessed through emails. Also, some of these gadgets are so advanced that they also utilize the use of genes and fingerprints.

A good example in this case is the use of gene coding in most bank vaults which has proved to be safer over the years. Conclusion In conclusion, it would be better to try some of these practically before inferences are made. Work CitedAbagnale Frank. The Art of the Steak: How To Protect Yourself And Your Business From Fraud. New York: Broadway Publishers, 2010. Print