? Cool Title, but what’s the news?
About 74 per cent automated teller machines (ATMs) of public sector banks are running on outdated software – which makes these machines highly vulnerable to frauds.
? Okay, but what does it mean?
The revelation came in response to a question in the Parliament on whether the softwares used for the ATMs are supported. Last year In April, the RBI through a confidential circular to banks had highlighted concerns about the ATMs running on Windows XP and/or other unsupported operating systems.
? Why should I care?
The banks will have to implement anti-skimming and white listing solution by March 2019. The RBI has asked all the banks to upgrade not less than 25 per cent of their ATMs with supported operating system by September and 50 per cent by December. All the ATMs should be upgraded by June 2019.
It’s a slow process, but in due time all the 2 lakhs ATMs of the country should be upgraded to the latest software to protect you and your money.
Source: Business Today