Atm Full Form and What is the ATM card? – Hy Guys I am back again with a new topic to discuss with you all Today we will talk about ATMs We use them in our everyday life and all are aware of it. It is a machine that converts our money into cash. In easy language,
Atm Full Form?
whatever amount of money is deposited in our bank account, we can withdraw that amount in the form of cash anytime. It gives us the convenience of withdrawing money any time, anywhere. What is the full form of ATM and PIN? All of us use ATMs very often.
But do you all know what an ATM stands for? Let me tell you that the full form of an ATM is Automated Teller Machine. The name itself indicates that it is a machine that doesn’t need a teller.
It is automatically controlled through software. Now I shall give you a little information about the PIN. PIN stands for Personal Identification Number.
Atm Full Form and What is the ATM card?
It is a unique set of numbers that allows the transactions to carry on. We are provided with a card which we have to insert into the ATM. We call that card an Atm card or debit card or even we can use a credit card too. When we get a card from our bank, we have to activate it and set a PIN that is unique and confidential.
Then every time while using that card we have to enter that pin to authenticate the transaction. Is ATM all-time money?
Well, calling an ATM as all-time money is also not wrong. We can say so as it provides us money anytime we need it. It is available for us all the time 24×7.
If we talk about the evolution which has taken place in the ATMs is very helpful for us in today’s life.
The ATMs were originally invented as cash dispensers. The main reason was to ease the withdrawal of cash without wasting time.
What does ATM mean in text?
The long queues in the banks wasted a lot of time for the customers as well as the staff. But since its discovery, many things have been changed. New technologies have evolved and thus as a result the ATMs are now not only cash dispenser machines.
But we can also use these machines for submitting cash, submitting cheques, balance inquiries, checking statements, doing transfers, and other transactions as well.
This machine is available every time. Even if you want to get cash at midnight or very early in the morning, anytime,
Atm Full Form and What is the ATM card?
anywhere, it is always available. Thus it is not wrong to call it an All-Time Money machine. How can we use atm card?
The ATMs can be used through a debit or credit card. The card has a chip inside which we have to insert into the machine. Once the card is read by the machine,
We are asked for entering the unique PIN which is confidential and known to us only. When we enter the pin, and the pin is correct, the transaction is authenticated and the account holder is verified. After this authentication,
How does an ATM card work?
the cash is dispensed from the ATM. What is inside an ATM?The ATM is a combination of hardware devices and software that works together to provide us with the hard cash. The ATM comprises few main parts. Some of the main parts are: Mainboard-
The mainboard is the part that consists of a CPU, memory, and other devices like a monitor connected to it. Card reader-
The card reader is the device that is found inside the machine for reading the magnetic chips of the atm/debit card. When we insert the card into the card reader,
it uniquely identifies the card and cardholder’s account. Earlier, the card reader machine was enabled to work with the EMV standard which stands for Europay,
MasterCard, and Visa. But now it is enabled to work with American Express, JCB, Discover, Mastercard,
and Union pay. Monitor- The display screen which is fitted at the front of the machine is the monitor.
We can touch the screen of the monitor and select the options. This screen works like a mobile phone to continue a transaction. Cassette- The part of the ATM that holds the cash.
What is the purpose of an ATM card?
Dispenser- The part of the ATM that is responsible for giving out cash is called a dispenser. Printer-
The part of the machine that gives out or prints the receipt is called a printer. Security of an ATM With the increase of automated teller machine (ATM) frauds,
new authentication mechanisms are developed to overcome security problems of personal identification numbers (PIN).
Those mechanisms are usually judged on speed, security, and memorability in comparison with traditional PIN entry systems.
It remains unclear, however, what appropriate values for PIN-based ATM authentication are. We conducted .
a field study and two smaller follow-up studies on real-world ATM use, to provide both a better understanding of PIN-based ATM authentication and on how alternative authentication methods can be compared and evaluated.
Can you deposit cash at an ATM?
Our results show that there is a big influence of contextual factors on security and performance in PIN-based ATM use. Such factors include distractions, physical hindrance, trust relationships, and memorability. From these findings,
We draw several implications for the design of alternative ATM authentication systems, such as resilience to distraction and social compatibility.
So whenever you use an ATM, you should be very careful. As technology advances, the frauds are also increased.
You can take care of the following things to avoid fraud related to ATMs and cards. ● While entering the pin on the machine, try to hide the numbers which you are going to enter as your PIN.
● Do not disclose your pin or OTP to anyone. ● Do not share your card number with anyone or hand over it to any person.●
Do not leave the ATM until your transaction is completed and the home screen is seen on the monitor. So, guys, this was all I wanted to share with you all. Take care and stay positive
Hello Friends My Name Is Rohit Kumar and I am From Delhi India, My Qualification B.com In 2010 with Hotel management and MBA From HR & Marketing 2016, 8 Years Experience in Hospitality Sector, finally I make this site after watching so many videos on youtube and I hope this site becomes very famous.