automated teller machine

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automated teller machine

(ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip or computer chip. The strip contains an identification code that is transmitted to the bank's central computer by modemmodem
[modulator/demodulator], an external device or internal electronic circuitry used to transmit and receive digital data over a communications line normally used for analog signals.
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. To prevent unauthorized transactions, a personal identification number (PIN) must also be entered by the user using a keypad. For additional security, transactions made with a computer chip also create a unique code for each transaction; this helps prevent information stolen during the transaction from being reused. Once the transaction is authorized, the computer permits the ATM to complete the transaction; most machines can dispense cash, accept deposits, transfer funds, and provide information on account balances. Transactions at ATMs may also now be done using smartphones and a number of different methods, or using palm- or fingerprints for personal identification. Banks have formed cooperative, nationwide networks so that a customer of one bank can use an ATM of another for cash access; by 2010 there were more than 420,000 ATMs across the United States. The internationalization of banking networks also permits ATM cards to be used to make transactions abroad. Some ATMs will also accept credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
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 for cash advances. The first ATM was installed in 1969 by Chemical Bank at its branch in Rockville Centre, N.Y. A customer using a coded card was dispensed a package containing a set sum of money.
References in periodicals archive ?
It said its analysis has identified more than 200 communities with poor ATM provision, or no cash machines at all, which it said might be hardest hit by proposals that could reduce the network.
The scene after a suspected explosive attack on a cash machine in Darlington, Co Durham
Skimming devices are used to read cash cards and obtain details and they can also video a person using a cash machine and may record PINs as they are punched in.
Also in 1996, the average UK cash machine withdrawal exceeded PS50 for the first time.
4 The original cash machine was designed by Scottish inventor John Adrian Shepherd-Barron who came up with the idea of a machine dispensing cash, rather than chocolate bars, while in his bath.
USING AN ATM IN 1967 IN the days before people's wallets were stuffed with plastic cards to make payments and withdraw cash, the process used for taking money from a cash machine would have been quite different to the way it works today.
POLICE want to speak these two men after elderly people were duped at cash machines in South Wales.
CALLS have been made for an end to "rip-off" cash machines targeting people in some of the poorest parts of Wirral.
Police believe there may have been another incident at the same cash machine the following week, when no cash was stolen.
Police last night released CCTV images of two women they wish to trace following a theft from a cash machine in Sunderland.
LINK, the UK's cash machine network, is working with the independent charity Crimestoppers to offer rewards of up to PS25,000 for information relating to cash machine crime.