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ATM

An automated teller machine (ATM) is an electronic telecommunications device that enables banking customers to perform a variety of financial transactions, such as cash withdrawals, deposits, balance inquiries, fund transfers, and bill payments, at any time without interacting with bank staff.^[1] These machines, also known as cash machines or cashpoints in some regions, operate using a debit or credit card inserted into a reader, combined with a personal identification number (PIN) for authentication, and feature components like a keypad, display screen, cash dispenser, and deposit slot to facilitate self-service banking.^[2] ATMs provide 24/7 access to funds, reducing reliance on traditional bank branches and tellers, and are typically connected to a financial institution's network for real-time account verification.^[3] The origins of the ATM trace back to the late 1930s when inventor Luther Simjian developed an early prototype for Citibank, though it saw limited use due to low demand.^[4] The first operational ATM was installed by Barclays Bank in Enfield, London, on June 27, 1967, designed by Scottish inventor John Shepherd-Barron, who used radioactive carbon-14-impregnated paper vouchers instead of plastic cards for security.^[4] In the United States, Docutel's Don Wetzel led the development of the first modern U.S. ATM, unveiled by Chemical Bank in Rockville Centre, New York, on September 2, 1969, which relied on magnetic stripe technology pioneered by IBM in the 1960s to encode account data securely on cards.^[5]^[4] Widespread adoption accelerated in the 1970s and 1980s through shared electronic networks, legal rulings classifying ATMs as non-branch facilities, and innovations like PIN encryption and deposit capabilities, transforming ATMs from simple cash dispensers into multifunctional banking tools.^[6] As of 2025, approximately 2.9 million ATMs are deployed globally, though the number has declined slightly due to the rise of digital banking and mobile apps, with the highest concentrations in countries like China, the United States, and India.^[7] In the U.S., there are around 450,000 ATMs, roughly half operated by financial institutions on bank premises and the rest by independent operators in retail locations, airports, and other off-site venues, processing about 3.7 billion cash withdrawals in 2021 valued at $730 billion.^[2]^[3] Modern ATMs incorporate advanced security measures, such as EMV chip readers, biometric authentication, and anti-skimming technology, while evolving to support contactless payments, check imaging, and even cryptocurrency transactions at specialized machines.^[1] Despite fees averaging $4.86 for out-of-network use as of 2025, ATMs remain essential for financial inclusion, particularly in underserved areas, and continue to adapt to hybrid cash-digital ecosystems.^[8]

History

Invention

Prior to the 1960s, early concepts for automated banking emerged. In the late 1930s, Armenian-American inventor Luther Simjian developed a prototype called the Bankograph for Citibank, which allowed customers to deposit envelopes containing cash or checks. Patented in 1960 (US Patent 3079603), it saw limited use due to insufficient customer demand and was discontinued after six months of trials.^[9]^[10] In the 1960s, the banking industry in the United Kingdom operated under strict limitations, with branches typically closing by mid-afternoon—often around 3:30 p.m.—and remaining inaccessible on weekends, restricting customers' access to cash outside traditional business hours. This created growing demand for more convenient, round-the-clock financial services as post-war economic expansion increased consumer spending and the need for immediate cash availability. Scottish inventor John Shepherd-Barron, then working at De La Rue Instruments, addressed this gap by conceiving an automated cash dispenser inspired by chocolate vending machines during a bath in 1965, after arriving at his bank one minute too late on a Saturday to withdraw funds.^[11]^[9] Shepherd-Barron filed a patent application in 1965 for a PIN-based cash dispenser, drawing on his military background to propose a six-digit personal identification number for security, later simplified to four digits following input from his wife on ease of recall. He pitched the concept to Barclays Bank, which funded its development, leading to the creation of a prototype that used pre-printed paper vouchers instead of plastic cards. These vouchers were impregnated with carbon-14, a mildly radioactive isotope, to enable machine-readable authentication and prevent counterfeiting.^[12]^[11]^[9]^[13] The first operational ATM was installed at Barclays' Enfield branch in north London on June 27, 1967, and publicly unveiled by actor Reg Varney, who made the inaugural £10 withdrawal. The machine, known as the De La Rue Automatic Cash System or Barclaycash, accepted a voucher and PIN entry via punched dots, dispensing a maximum of £10 in £1 notes while retaining the voucher for record-keeping.^[14]^[11]^[15] Early models faced significant challenges, including limited functionality restricted to cash withdrawals only and mechanical vulnerabilities such as frequent jams from voucher processing and exposure to weather-related breakdowns. Security concerns arose from potential vandalism and unauthorized access, while the radioactive authentication method required careful handling to avoid health risks, though it proved effective for its time. These limitations highlighted the prototype's role as a pioneering but rudimentary step toward automated banking.^[16]^[11]^[17]

Early adoption and propagation

Following the invention of the ATM by John Shepherd-Barron in 1967, early adoption began with installations in the United Kingdom and quickly spread internationally. The first notable expansion occurred in Sweden with an online ATM operational on May 6, 1968, and in Germany at a Kreissparkasse branch in Tübingen later that year. In the United States, Chemical Bank installed the nation's first ATM on September 2, 1969, at its Rockville Centre, New York, branch, allowing customers to withdraw up to $25 using a magnetically encoded card. These initial rollouts were limited to select banks and regions, marking the transition from prototype to practical deployment.^[16]^[18]^[19] Propagation was driven by regulatory approvals from banking authorities, strategic bank partnerships, and efforts to address public skepticism toward machine-based transactions. In the UK and Europe, regulators required demonstrations of security and reliability before permitting widespread use, while banks collaborated with technology firms to customize machines for local needs. IBM played a pivotal role in manufacturing early units, introducing the IBM 2984 model in 1972 for Lloyds Bank in the UK, which featured online connectivity and standardized magnetic stripe technology developed in the late 1960s. Public hesitation stemmed from fears of errors, theft, and job losses for tellers, but pilot programs and media coverage gradually built trust.^[5]^[17]^[5] By 1970, fewer than 1,500 ATMs were installed worldwide, primarily in the UK, US, and parts of Europe. Growth accelerated through the early 1970s, reaching thousands by 1975, with the US reaching over 1,000 machines by the mid-1970s and the UK expanding to over 250 by mid-decade. This expansion was fueled by falling production costs and network sharing among banks, enabling broader accessibility.^[20]^[21]^[22] Early adoption faced significant barriers, including high initial costs—around $48,000 per unit in the early 1970s—and frequent maintenance issues due to mechanical failures and limited online integration. Banks overcame these through vendor partnerships like those with IBM for durable hardware and by securing regulatory waivers for testing phases, which reduced deployment risks and encouraged incremental upgrades. These efforts transformed ATMs from experimental devices into essential banking tools within a decade.^[23]^[24]^[17]

Development in the United States

The development of ATMs in the United States was spearheaded by Docutel Corporation, where engineer Donald Wetzel served as vice president of product planning starting in 1968. Docutel, a subsidiary of Recognition Equipment Inc., developed the Docuteller, the first U.S. ATM, which utilized a magnetically encoded plastic card for authentication and dispensed cash without teller intervention. This machine was installed on September 2, 1969, at a Chemical Bank branch in Rockville Centre, New York, marking the debut of networked ATM technology in the country. The Docuteller's design incorporated a mini-computer for processing and encryption on the card's magnetic stripe to enhance security, setting it apart from earlier European voucher-based systems.^[25] In the early 1970s, U.S. ATM adoption accelerated with the widespread integration of magnetic stripe cards, transitioning from limited voucher or token methods in prototypes to standardized plastic cards that enabled broader functionality like account verification. IBM played a pivotal role by refining magnetic stripe technology, first tested in 1970 for airline ticketing and adopted for banking cards by 1972, when IBM deployed its first online ATM models using these cards. Diebold, entering the market around the same time, incorporated similar card readers in its early ATMs, such as the 1973 model, facilitating seamless integration with bank systems and reducing reliance on manual processes. This shift was crucial for scalability, as magnetic stripes allowed for encrypted data storage and real-time transaction authorization.^[26]^[5] Regulatory developments in the 1970s provided essential support for ATM deployment. The Bank Holding Company Act Amendments of 1970 expanded permissible activities for bank holding companies, including data processing services deemed "closely related to banking" by Federal Reserve Board interpretations in 1971, which enabled banks to invest in the computational infrastructure needed for ATM networks. Additionally, the Federal Reserve's oversight facilitated the approval of early electronic funds transfer (EFT) systems, while the Electronic Fund Transfer Act (EFTA) of 1978 established consumer protections under Regulation E, limiting liability for unauthorized transactions and mandating disclosures for ATM use. These measures addressed legal uncertainties, such as whether ATMs constituted bank branches, paving the way for interstate operations.^[27]^[28] Market growth surged in the late 1970s, driven by competitive investments from major banks. By 1985, the number of ATMs in the U.S. reached approximately 61,000, reflecting a dramatic expansion from the hundreds operational in the mid-1970s. Citibank exemplified this momentum, committing over $100 million in 1977 to deploy hundreds of machines across New York, which spurred adoption and network sharing among institutions. This proliferation was fueled by cost efficiencies and customer demand for 24/7 access, transforming ATMs from novelty to essential banking tools.^[29]^[30]

Subsequent technological advances

In the 1980s, ATM technology advanced with the introduction of color displays and functional display keys by NCR, improving user interfaces and accessibility compared to earlier monochrome screens. These enhancements allowed for clearer visual prompts and reduced errors in transaction navigation. By the 1990s, touchscreens began appearing in ATM models, such as those from NCR, enabling more intuitive interactions without physical buttons and paving the way for multimedia capabilities.^[31]^[32]^[31] The 1990s marked a significant shift toward networked ATMs, facilitated by the widespread adoption of the ISO 8583 standard, first published in 1987, which standardized financial transaction messaging for interoperability across global networks. This enabled real-time processing of withdrawals, deposits, and balances through shared infrastructures, reducing reliance on isolated machines and expanding service availability.^[33]^[34]^[35] Key milestones in the 2000s included the integration of EMV chip technology into ATMs, developed in the mid-1990s by Europay, Mastercard, and Visa to counter magnetic stripe skimming and fraud. EMV adoption accelerated globally during this decade, with liability shifts for non-compliant terminals beginning in Europe around 2005, leading to enhanced encryption and dynamic authentication for card readers. By 2020, over 70% of globally issued payment cards were EMV-enabled, significantly lowering counterfeit fraud rates in regions with high compliance. Concurrently, cash recycling functionality, which allows deposited bills to be verified and reused for dispensals, saw broad adoption in Europe by 2000, following initial deployments in the 1980s and optimizing cash handling efficiency for banks.^[36]^[37]^[38]^[39] Up to 2025, innovations have focused on biometric authentication and contactless NFC support to further streamline and secure operations. Pilots for facial recognition and fingerprint-based access, such as those by Seven Bank in Japan, have demonstrated reduced transaction times and fraud risks without physical cards. Meanwhile, NFC-enabled ATMs, allowing tap-to-pay with mobile devices, have expanded rapidly; for instance, Mastercard and NCR Atleos announced enhancements in 2025 for seamless mobile withdrawals, with over 40% of U.S. ATMs supporting contactless by that year. These upgrades reflect a global push toward cardless ecosystems, with projections for continued growth in biometric and NFC integration through the decade.^[40]^[41]^[42]^[43]

Design and Components

Hardware elements

Automated teller machines (ATMs) rely on a suite of robust hardware components to facilitate secure and reliable transactions. These elements include mechanical systems for handling currency, input and output interfaces for user interaction, protective enclosures, and power management features designed to withstand operational demands and environmental challenges. The design prioritizes durability, precision, and security to minimize downtime and ensure user safety.^[44] Core components form the foundation of ATM functionality, particularly the cash dispenser mechanisms, secure vaults, and card readers. The cash dispenser, often located within a fortified safe at the base of the machine, employs precision-engineered pick-and-place systems or roller-based mechanisms to select and deliver banknotes from cassettes. These mechanisms use motorized pickers to grip individual notes via friction or vacuum, ensuring accurate dispensing without jams, typically handling denominations like $20 or $100 bills in high-volume operations. Secure cash vaults, integral to the dispenser's safe, feature thick steel construction and anti-tampering locks such as relocking systems that activate upon drilling or cutting attempts, preventing unauthorized access to stored funds. Card readers, positioned at the front panel, support multiple formats including magnetic stripe for legacy cards, EMV chip for enhanced security, and NFC for contactless payments, allowing seamless authentication of debit or credit cards.^[44]^[45]^[46]^[47]^[48]^[49] Input and output devices enable user engagement and transaction completion. Keypads, typically encrypted PIN pads (EPPs), provide tactile or capacitive input for entering personal identification numbers and transaction details, resistant to skimming attacks. Screens, usually LCD or LED displays ranging from 10 to 15 inches, present menus, balances, and instructions in multiple languages for accessibility. Receipt printers produce thermal paper outputs for transaction records, while speakers deliver audio prompts for visually impaired users, supporting voice-guided navigation. The cash dispenser itself serves as a primary output device, ejecting notes through a secure slot.^[44]^[45]^[50] Power systems and enclosures protect internal hardware from disruptions and external threats. Vandal-resistant casings, constructed from UL-rated steel (often 3/16-inch thick), encase the ATM to deter physical attacks like prying or ramming, meeting standards for impact resistance. Backup batteries, such as Ni-MH assemblies providing 21.6V output, ensure operational continuity during power outages, sustaining core functions for several hours. For outdoor units, enclosures incorporate IP-rated weatherproofing (e.g., IP54 or higher) to shield against dust, rain, and temperature extremes, using sealed gaskets and insulated panels.^[51]^[52]^[53]^[54]^[55] ATM hardware has evolved significantly since the 1970s, transitioning from basic mechanical hoppers to advanced recyclers. Early models used simple hopper mechanisms to feed notes via gravity and springs, limited to basic dispensing with capacities around 1,000 notes per cassette. By the 1980s and 1990s, motorized pickers improved reliability, while modern cash recyclers integrate deposit and dispense capabilities, employing sophisticated validation sensors and modular cassettes holding 2,000 to 4,000 notes each—enabling up to 16,000 notes total in multi-cassette units for high-traffic sites. This progression enhances efficiency, reducing refill frequency and supporting deposit recycling.^[31]^[56]^[57]^[58]

Software architecture

ATMs employ embedded operating systems optimized for security, real-time performance, and resource constraints, with Microsoft Windows variants—such as Windows Embedded Compact (formerly Windows CE), Windows 10 IoT Enterprise, and as of 2024, Windows 11 IoT Enterprise LTSC—being predominant due to their stability and compatibility with financial peripherals.^[59] Linux-based systems, including customized distributions like those from Diebold Nixdorf, are also utilized for their open-source flexibility and lower licensing costs in multivendor environments.^[60] For instance, Diebold Nixdorf's Agilis software platform, a comprehensive ATM management solution, runs on these OS foundations to orchestrate device control and transaction processing across diverse hardware configurations.^[61] Central to the software architecture is the CEN/XFS (eXtensions for Financial Services) standard, which establishes a modular client-server framework for interfacing financial applications with hardware devices, enabling vendor independence and portability. Adopted on over 92% of global ATMs, XFS abstracts hardware specifics through layered APIs, including a manager component that routes commands to service providers for peripherals like PIN pads, card readers, and dispensers.^[62] The emerging XFS4IoT extension, with specifications previewed in October 2025, further enhances this by adopting an OS-agnostic, cloud-native design with WebSocket-based communication and built-in TLS encryption, facilitating integration with modern edge and cloud infrastructures while maintaining backward compatibility.^[63]^[64] Transaction logic in ATM software follows a sequential, state-driven flow to ensure secure and reliable operations, beginning with card detection and data capture via XFS APIs, followed by prompting and validation of the user's PIN through encrypted entry and comparison against host authorization. For a balance inquiry, the software constructs an ISO 8583 authorization message, transmits it to the acquiring host for processing, and renders the returned balance on the display, incorporating timeouts for network delays.^[33] Withdrawal processes extend this by first obtaining host approval for the amount—checking funds and limits—then invoking XFS dispenser service providers to dispense cash, with integrated error handling for scenarios like insufficient funds (triggering decline messages), mechanical jams (retrying or alerting maintenance), or session timeouts (ejecting the card).^[65] Software maintenance emphasizes remote updates delivered over secure channels to mitigate vulnerabilities without on-site intervention, typically using encrypted protocols such as SSL/TLS and centralized distribution systems compliant with PCI DSS Requirement 6.2, which mandates critical patches within one month of release.^[65] These updates automate deployment of security fixes, configuration changes, and feature enhancements, often scheduled during off-peak hours to minimize downtime, with verification steps including digital signatures and impact testing.^[60] Post-2010 exploits, including jackpotting malware like Backdoor.Win32.Skimer variants that targeted unpatched XFS interfaces to unauthorized dispense commands, prompted widespread patches from vendors like NCR and Diebold Nixdorf, reinforcing architecture with file integrity monitoring and whitelisting to prevent recurrence.^[66]^[67]

Operation and Functionality

Primary uses and transactions

Automated Teller Machines (ATMs) primarily enable users to perform self-service banking transactions without teller assistance, focusing on core financial operations such as cash withdrawals, deposits, balance inquiries, and account transfers. Cash withdrawals involve selecting an account, entering the desired amount, and dispensing bills from the machine's secure cassette, typically in denominations up to $100. Deposits can be made via envelope slots for checks or cash, or through direct deposit mechanisms in modern units that scan and validate items using imaging technology. Balance inquiries display current account standings, often with options to print or email statements, while transfers allow moving funds between linked checking, savings, or credit accounts at the same institution.^[2]^[68]^[69] Beyond these fundamentals, ATMs support advanced features like bill payments, where users select payees from a menu or input details to remit utilities, loans, or credit card dues directly from their accounts. Check cashing is available on select machines equipped with validation scanners, allowing immediate crediting of funds minus any fees, particularly useful for non-account holders. In international models, foreign currency exchange enables dispensing local currencies using a user's home bank card, often at airport or tourist locations to facilitate travel needs.^[1]^[70]^[71] The typical user interface flow begins with inserting a debit or credit card into the designated slot, followed by entering a personal identification number (PIN) on the numeric keypad for authentication. Alternatively, many modern ATMs support cardless access, where users authenticate via a mobile banking app, QR code scan, or biometric verification before proceeding.^[72] The screen then presents a menu of transaction options, where the user selects the desired service, specifies accounts and amounts, and confirms details before processing; for withdrawals, cash is dispensed from a lower tray, and for deposits, items are inserted into an upper slot. Upon completion, the machine ejects the card, issues a printed receipt summarizing the transaction, and returns to the welcome screen. Accessibility options, such as audio guidance for visually impaired users, are integrated via headphone jacks that provide spoken instructions in multiple languages, enabling independent navigation through voice prompts and tonal feedback.^[68]^[73]^[74] ATMs impose limitations to manage risk and liquidity, including daily withdrawal caps typically ranging from $500 to $1,000 per account, though these vary by bank policy and can be adjusted for higher limits upon request. As of 2025, transaction fees for out-of-network usage average $4.86 in total, including an average surcharge of $3.22 and a bank fee of $1.64, covering operator costs, while in-network access often waives these.^[75]^[76]^[8] Early ATM models also offered non-cash services, such as vending postage stamps, to broaden utility beyond pure financial transactions. Global variations exist in transaction availability, with some regions emphasizing mobile-linked features over traditional ones.^[77]

Installation and location strategies

Automated teller machines (ATMs) are commonly installed at bank branches, with approximately 50% of all installations as onsite units directly affiliated with financial institutions. Offsite locations account for around 30%, including standalone kiosks in high-traffic public spaces, retail stores such as 7-Eleven convenience chains, and transportation hubs like airports to provide 24/7 access for non-branch users, with the remainder in other configurations.^[78]^[79]^[80] Site selection for ATMs prioritizes strategic factors to maximize usage and minimize risks. Foot traffic analysis is essential, targeting areas with high volumes of potential users, such as shopping malls or urban centers, to ensure optimal transaction rates.^[81]^[82] Security considerations are paramount, including integration with closed-circuit television (CCTV) systems for real-time monitoring and deterrence of tampering or theft.^[83]^[84] Accessibility compliance follows standards like the Americans with Disabilities Act (ADA), requiring clear floor space of at least 30 by 48 inches, control heights no higher than 48 inches, and reachable mechanisms for wheelchair users.^[85]^[86]^[87] The installation process begins with comprehensive site surveys to assess structural integrity, space availability, and regulatory compliance.^[85]^[88] Electrical requirements typically involve a dedicated 110-volt AC outlet to prevent power fluctuations, with network cabling for data connectivity; plumbing is occasionally needed for specific through-the-wall or drive-thru models but is not standard.^[85]^[89]^[90] Vendor contracts handle much of the execution, with major providers like Diebold Nixdorf and NCR Atleos managing installations and maintenance, collectively holding about two-thirds of the global ATM market share.^[91]^[92] Recent trends reflect a shift toward off-premise ATMs, which now represent around 30% of deployments but are growing due to demand for convenient, non-branch access in retail and transit settings.^[78] Drive-thru models have also gained popularity, allowing vehicle-based transactions to enhance user convenience in suburban and rural areas while reducing indoor foot traffic needs.^[80]^[93]

Networks and Global Deployment

Integration with financial networks

ATMs primarily connect to electronic funds transfer (EFT) systems to enable secure and efficient transaction processing, allowing users to access funds from their bank accounts remotely. In the United States, prominent EFT networks include VisaNet, which serves as Visa's global payment infrastructure supporting credit, debit, and ATM transactions by processing over 600 million transactions daily, and STAR, a major debit network that facilitates anytime access to accounts through various channels including ATMs.^[94]^[95] These networks act as intermediaries between the ATM terminal and the issuing bank, routing transaction requests to verify account balances and authorize withdrawals or transfers in real time. Transaction communication between ATMs and host processors relies on standardized protocols to ensure compatibility across diverse systems. The ISO 8583 message format is the industry standard for structuring authorization requests and responses in ATM transactions, defining fields for data elements such as card details, transaction amounts, and processing codes to facilitate clear exchange between devices and networks.^[33] Host-processor communication involves switch routing, where network switches direct messages based on factors like the card's bank identification number (BIN) or terminal location, ensuring the request reaches the correct issuer for approval without unnecessary delays.^[96] Interoperability among ATMs is achieved through shared networks that allow cardholders from one bank to use machines operated by others, expanding access without proprietary restrictions. Networks like PLUS, operated by Visa, and Cirrus, managed by Mastercard, enable this cross-bank functionality by connecting millions of ATMs worldwide, with central switches playing a pivotal role in routing transactions to the appropriate financial institution based on predefined rules.^[97] For instance, a PLUS card can be used at a Cirrus-affiliated ATM through interconnected agreements, promoting seamless global access.^[35] At the backend, ATMs integrate directly with core banking software to support real-time account updates, ensuring that transaction outcomes—such as balance deductions or deposits—are reflected immediately across all customer channels. This integration typically occurs via APIs or dedicated interfaces that link the ATM's transaction processor to the bank's central system, allowing for instantaneous ledger adjustments and preventing overdrafts.^[98] Such connectivity enhances operational efficiency and user trust by maintaining synchronized account data.

Usage patterns worldwide

As of 2025, there are approximately 2.95 million automated teller machines (ATMs) installed worldwide, reflecting a gradual decline from previous years driven by the rise of digital payment alternatives.^[99] This global installed base supports cash access for billions, though deployment varies significantly by region. South Korea maintains one of the highest ATM densities globally, with about 245 ATMs per 100,000 adults as of 2023, equating to roughly one machine per 408 adults, which facilitates convenient access in a highly urbanized society.^[100] In contrast, rural areas across much of Africa exhibit extremely low density, often fewer than 10 ATMs per 100,000 adults, limiting financial inclusion in underserved communities.^[101] Regional usage patterns highlight distinct priorities shaped by infrastructure and consumer needs. In the United States, convenience drives deployment, with around 67% of ATMs located off-bank premises such as retail stores and convenience outlets to maximize accessibility for everyday transactions.^[102] Europe emphasizes efficiency through cash-recycling ATMs, which allow deposits and withdrawals from the same machine, comprising a growing share of installations to reduce operational costs and support sustainable cash handling.^[103] In Asia, particularly in countries like South Korea and India, ATMs increasingly integrate with mobile technologies, enabling cardless withdrawals via QR codes or smartphone apps, enhancing security and aligning with high mobile penetration rates.^[104] Economic factors strongly influence ATM adoption and usage, showing a positive correlation with gross domestic product (GDP) levels, as higher-income economies invest more in financial infrastructure to boost inclusion. In developed nations, however, ATM numbers are declining amid the shift to digital banking; for instance, the United States saw a roughly 10% reduction from about 500,000 machines in 2015 to around 450,000 by 2025, attributed to decreased cash reliance and branch consolidations. Emerging markets exhibit varied trajectories, with ATM deployment supporting broader economic growth by improving access to funds in areas with limited banking services.^[105]^[106] Cultural preferences further shape these patterns, particularly around cash dependency. In India, persistent reliance on cash for daily transactions has fueled market growth, with the ATM sector projected to expand at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2033 despite some installed base contractions due to digital shifts. Conversely, Sweden exemplifies card-dominant cultures, where ATM numbers have plummeted to just 2,000 by 2023 from higher levels a decade earlier, reflecting near-universal adoption of electronic payments and reduced cash usage. These differences underscore how societal norms interact with technological evolution to define ATM relevance globally.^[107]^[108]

Security Measures

Physical protections

Physical protections for automated teller machines (ATMs) encompass a range of hardware-based safeguards designed to deter and mitigate tampering, theft, and violent attacks on the equipment itself. These measures focus on fortifying the ATM's external structure and internal components against unauthorized physical access, such as ramming, drilling, or explosive breaches. Key elements include robust enclosure designs that integrate barriers and alarm systems to delay intruders and alert authorities, thereby minimizing potential cash losses and structural damage. Enclosure designs play a central role in ATM physical security, often incorporating bollard protections to prevent vehicle-based ram raids. Anti-ram bollards, typically installed around standalone or drive-up ATMs, are engineered to withstand impacts from vehicles traveling at speeds up to 50 km/h, channeling external approaches and creating a protective perimeter. Reinforced concrete surrounds further enhance durability, with ATMs anchored into concrete plinths using at least four M16 bolts embedded 150 mm deep to resist pulling or lifting attempts. Additionally, alarm-triggered ink-dye packs within cash cassettes provide an active defense; these devices activate upon detection of tampering, releasing indelible ink that stains banknotes, rendering stolen cash unusable and aiding in forensic identification. Such ink-staining systems, often integrated as intelligent banknote security solutions, are deployed in high-risk cassettes to protect against in-situ burglary or cassette removal. Surveillance systems are a mandatory component of ATM physical protections, with closed-circuit television (CCTV) coverage required for compliance in most deployments. High-resolution cameras offering 360-degree views around the ATM enclosure, combined with motion sensors, enable real-time monitoring and automatic alerts for suspicious activity, such as loitering or approach during off-hours. These systems are typically tamper-proof and integrated with night vision to ensure continuous deterrence. ATM vaults and safes must adhere to burglary resistance standards like EN 1143-1, which classifies protections based on resistance to tools, drills, and explosives; for instance, CEN Grade 3 safes are recommended for medium- to high-risk sites, providing up to 30 minutes of delay against skilled attacks. Anti-ram features extend beyond bollards to include hydraulic barriers for elevated security in vulnerable locations. These deployable systems, such as wedge-style blockers, rise from the ground to halt vehicles within seconds, rated to stop 15,000-pound impacts at 50 mph. For portable or remote ATMs, GPS tracking devices embedded in the unit or cassettes facilitate rapid recovery post-theft, transmitting location updates every few seconds upon motion detection and integrating with alarm networks for law enforcement coordination. Global reports indicate over 18,000 physical attacks on ATMs in 2023, with Europe recording 4,637 incidents that year, primarily involving ram raids and explosive methods.^[109]^[110] More recent data for the first half of 2025 shows losses from physical attacks in Europe at €10.4 million, a 73% increase from €6 million in the first half of 2024.^[111] The implementation of these physical protections has significantly reduced losses; for example, advanced enclosures and surveillance have contributed to a 24% rise in detected but unsuccessful attacks.

Data and transaction security

ATMs employ robust encryption standards to protect sensitive data, particularly personal identification numbers (PINs) during transmission. The Payment Card Industry PIN Security Requirements v3.1 specify Triple Data Encryption Algorithm (TDEA, commonly known as Triple DES) with at least double-length keys or the Advanced Encryption Standard (AES) with 128-bit or stronger keys as the approved cryptographic algorithms for PIN encryption and related operations.^[112] These standards ensure that PINs are encrypted from the point of entry on the ATM's Encrypting PIN Pad (EPP) through to the host system, preventing interception in clear text.^[83] Hardware Security Modules (HSMs) play a critical role in ATM key management by securely generating, storing, and using cryptographic keys within a tamper-resistant environment. According to the PCI HSM Security Requirements v4.0, HSMs must comply with standards such as ANSI X9.24-1 for retail financial services key management and FIPS 140-2 Level 3 or higher for cryptographic module validation, ensuring keys never leave the module in plaintext form.^[113] In ATMs, HSMs integrated into EPPs or central systems handle PIN verification and session key derivation under dual control, minimizing exposure risks during key loading and usage.^[83] Transaction protocols in ATMs rely on the ISO 8583 messaging standard for structuring financial interchange data, with end-to-end encryption applied to protect message contents during transit. Sensitive elements, such as PIN blocks and cardholder data, are encrypted using symmetric algorithms like AES-256 within ISO 8583 fields (e.g., Data Element 52 for PIN blocks), ensuring confidentiality from the ATM terminal to the acquirer host.^[114] Compliance with the Payment Card Industry Data Security Standard (PCI DSS) mandates that ATMs implement these protections, including transmission of cardholder data over secure channels and rendering it unreadable via strong cryptography during processing.^[83] To maintain data integrity, ATMs generate comprehensive audit trails that log all transaction sessions, key operations, and access events in tamper-evident storage. The PCI ATM Security Guidelines require logging of service activations, maintenance activities, and physical accesses, with records protected against unauthorized modification through cryptographic hashing or secure append-only mechanisms.^[83] Similarly, the PCI PIN Security Requirements stipulate that logs for key removals, loadings, and related materials be retained and verifiable, supporting forensic analysis without alteration.^[112] These trails enable detection of anomalies and compliance verification. ATMs address vulnerabilities like man-in-the-middle (MITM) attacks through SSL/TLS tunnels for network communications, encrypting data flows between the terminal and backend systems. The PCI ATM Security Guidelines recommend TLS (version 1.2 or higher) for all interfaces to prevent unauthorized interception or session hijacking, with strong authentication ensuring endpoint integrity.^[83] This layered approach, combined with end-to-end encryption, mitigates risks from eavesdropping on untrusted networks.^[115]

User authentication and integrity

User authentication in ATMs primarily relies on multiple methods to verify the identity of the cardholder before authorizing transactions. The most traditional approach involves entering a Personal Identification Number (PIN) via an Encrypting PIN Pad (EPP), which is designed to securely capture and encrypt the PIN to prevent interception or tampering during entry.^[83] EMV chip verification complements this by reading data from the chip on compatible cards, using dynamic authentication protocols to confirm the card's legitimacy and reduce risks associated with magnetic stripe fraud.^[116] Emerging methods include biometric authentication, such as fingerprint or iris scanning, integrated into approximately 16% of global ATMs by 2025 to provide inherence-based verification without needing a physical token.^[78] Two-factor authentication via mobile devices, often combining PIN or biometrics with a one-time code sent to a registered phone, is increasingly adopted to enhance security in contactless or remote ATM interactions.^[117] To ensure the trustworthiness of the ATM device itself, integrity checks are performed to detect potential compromises like malware installation. Boot-time self-tests occur during startup, validating the hardware and software configuration against known baselines to identify alterations before the system becomes operational.^[83] Daily self-tests further monitor for tampering, with the device configured to fail securely—such as shutting down or alerting operators—if anomalies are detected.^[83] Remote attestation mechanisms, supported by centralized monitoring tools, allow network operators to periodically verify the ATM's software integrity remotely, using whitelisting to restrict execution to approved code and detect unauthorized changes indicative of malware.^[65] Customer protections are embedded in ATM operations to mitigate risks during user interactions. Session timeouts automatically end idle sessions after a period of inactivity, preventing unauthorized access if a user steps away.^[83] After three consecutive failed PIN attempts, the card may be temporarily locked, often for 24 hours or until manually unblocked by the issuer, depending on the institution's policy, deterring brute-force attacks. ATMs also display anti-phishing prompts, such as warnings about inspecting for skimming devices and providing helpline contacts, to educate users on fraud indicators at the point of interaction.^[83] These authentication and integrity features adhere to established standards for cryptographic security. Cryptographic modules in ATMs, particularly Hardware Security Modules (HSMs) used for PIN processing and key management, must comply with FIPS 140-2 Level 3, ensuring robust protection against physical and logical attacks.^[118] In regions like Asia-Pacific, biometric adoption is leading globally, with around 60% of consumers using biometrics for payment transactions by 2025, reflecting accelerated trials and deployment in banking systems.^[119]

Fraud and Vulnerabilities

Common fraud techniques

One of the most prevalent fraud techniques targeting ATMs is skimming, where criminals install unauthorized overlay devices on the card reader slot to capture magnetic stripe data or PINs entered by users. Shimming is a related method specifically designed for chip-enabled cards, involving the insertion of a thin device inside the reader to intercept encrypted chip data during transactions. These devices are often paired with pinhole cameras or keypad overlays to record PINs, allowing fraudsters to create counterfeit cards or access accounts remotely. According to the FBI, skimming and similar techniques cost financial institutions and consumers over $1 billion annually in the United States alone. In 2024, more than 231,000 U.S. debit cards were compromised through skimming incidents, marking a notable portion of global ATM fraud cases despite a year-over-year decline.^[120]^[121] Transaction reversal fraud exploits temporary network delays or communication errors between the ATM and the issuing bank to enable unauthorized double withdrawals. In this scheme, a fraudster initiates a legitimate cash withdrawal, but manipulates the process—often by interrupting the signal or using insider access—to trigger an automatic reversal of the debit from the account while retaining the dispensed cash. This technique relies on the ATM system's protocol to refund disputed transactions without immediate verification, potentially allowing repeated exploitation until detected.^[122]^[123] Malware attacks on ATMs involve injecting malicious software via USB ports, network connections, or compromised insider devices to log keystrokes, alter transaction data, or remotely control dispensers. Keyboard loggers capture PINs in real-time, while more sophisticated network injections can reroute funds or dispense cash without authorization. A prominent example is the Carbanak gang, active from 2013 to 2018, which used custom malware to infiltrate over 100 financial institutions worldwide, stealing approximately $1 billion through ATM manipulations and internal transfers; the group's leader was arrested in Spain in 2018 following a joint Europol operation. These attacks highlight vulnerabilities in outdated ATM software, with cybersecurity firms noting a rise in such incidents targeting unpatched systems.^[124]^[125] Social engineering tactics, such as shoulder surfing—where criminals observe users entering PINs from nearby—or impersonating help desk personnel to elicit sensitive information, prey on user trust without technical intrusion. In shoulder surfing, fraudsters position themselves discreetly at or near the ATM to memorize or record PINs during entry, often in high-traffic areas. Fake help desks may involve scammers posing as bank representatives via phone or in-person to request verification details under the guise of resolving a transaction issue. Prevention efforts emphasize user awareness campaigns, with organizations like the FTC promoting education on recognizing these tactics. Criminals frequently exploit physical protections, such as unsecured ATM enclosures, to facilitate these non-technical approaches.^[126]^[127]

Card-specific fraud methods

Card skimming, a primary method of card-specific ATM fraud, originated with the theft of data from magnetic stripes on debit and credit cards. Criminals attached overlay devices to ATM card readers to capture the stripe information as cards were inserted or swiped, enabling unauthorized replication of card details.^[128] This technique proliferated in the early 2000s due to the relative ease of reading and storing analog data from magnetic stripes.^[129] With the widespread adoption of EMV chip technology in the mid-2010s, fraudsters evolved their methods to include shimming, where thin devices are inserted into card slots to intercept dynamic data from the chip during transactions.^[130] Tools such as the MSR605 magnetic stripe reader, often used in conjunction with skimmers, allow criminals to decode captured data and prepare it for cloning by interfacing with computers to read and write information onto blank cards.^[131] Card cloning involves capturing sensitive data through skimming and then re-encoding it onto legitimate blank cards or magnetic stripes for fraudulent use. The process typically begins with a skimmer device recording the card's track data, including account numbers and expiration dates, often paired with a hidden camera or keypad overlay to obtain the PIN.^[132] This stolen information is then transferred to a blank card using an encoding device like the MSR605, creating a functional clone that can be used at ATMs or point-of-sale terminals until detected.^[133] Card-related fraud, including skimming and cloning, constitutes a significant portion of ATM attacks, with global losses from such schemes reaching approximately $35 billion annually as reported in industry analyses.^[134] ATM-specific card fraud often employs deep insertion skimmers, ultra-thin devices (as narrow as 0.5 millimeters) pushed deep into the card reader slot to evade detection by users or basic anti-skimming bezels. These skimmers target residual magnetic stripe data on chip cards, which many EMV implementations still retain for backward compatibility, allowing criminals to harvest usable information without disrupting the chip authentication process.^[135] Complementing these are PIN pad overlays, fake keypads placed over the genuine ATM keypad to record keystrokes while mimicking the original's appearance and feel.^[136] These overlays, often made from molded plastic, capture PINs entered during transactions and are frequently combined with skimmers for complete account takeover.^[128] To combat these threats, the migration to EMV chip standards with contactless capabilities has proven effective, particularly in the United States following the 2015 liability shift. This transition reduced counterfeit card-present fraud by 80% for merchants and ATMs upgraded to chip processing, as dynamic authentication replaced static magnetic stripe data.^[137] Contactless EMV further minimizes physical insertion risks by enabling tap-to-pay transactions that avoid card slots altogether, significantly lowering skimming success rates.^[138]

Emerging threats like jackpotting

Jackpotting refers to a type of cyber attack on automated teller machines (ATMs) where malware is deployed to force the device to dispense cash without requiring valid authorization or a legitimate transaction.^[139] This technique, often executed through specialized software that manipulates the ATM's dispenser commands, enables criminals to empty the machine's cash reserves in a process resembling a slot machine payout, hence the term.^[140] A prominent example is the Ploutus-D malware variant, first identified in Mexico in 2013, which allows attackers to remotely control cash ejection via external devices or commands.^[141] Attackers typically gain initial access through physical means, such as inserting malware via USB ports after breaching the ATM's secure enclosure, or remotely via network intrusions into connected banking infrastructures.^[142] Once installed, the malware intercepts or overrides the ATM's software to issue unauthorized dispense instructions, often using an external keyboard or wireless signal to trigger payouts.^[143] Notable case studies include organized crime rings in Europe during 2020, where jackpotting operations led to 202 reported incidents and losses exceeding €1.24 million, primarily through coordinated USB-based infections across multiple countries.^[144] These attacks highlight the role of transnational networks exploiting legacy ATM systems for high-yield thefts. Beyond jackpotting, emerging threats include ransomware targeting ATM networks, which encrypts critical systems and demands payment to restore access, disrupting operations and potentially enabling secondary exploits.^[145] For instance, a 2020 ransomware incident at ATM manufacturer Diebold Nixdorf compromised service to numerous machines worldwide, illustrating how such attacks can cascade to end-user devices.^[145] Additionally, AI-driven deepfakes represent an emerging threat to biometric authentication in financial services by 2025, where synthetic media could spoof facial or voice recognition systems.^[146] In response, cybersecurity authorities like the U.S. Secret Service have issued warnings about jackpotting risks, urging firmware updates and OS patches to mitigate vulnerabilities in older systems.^[147] Global efforts include CERT advisories promoting secure boot mechanisms and firmware lockdowns to prevent unauthorized code execution, alongside regular vulnerability scanning for connected networks.^[148] Jackpotting incidence has risen significantly, with reports indicating up to a 269% increase in logical attacks like malware deployments in Europe during the first half of 2020 compared to the same period in 2019, driven by prevalent legacy hardware and limited oversight.^[149] As of 2025, the U.S. Secret Service has noted an increase in jackpotting attacks and cryptocurrency ATM fraud, with losses from the latter exceeding $247 million in 2024.^[150]

Reliability and Societal Impact

Operational reliability

Automated teller machines (ATMs) are designed to achieve high operational reliability, with industry standards targeting 98-99% availability to minimize disruptions in financial services.^[151] This uptime metric measures the percentage of time ATMs are functional for transactions, excluding scheduled maintenance, and reflects the robustness of hardware and software integration. Achieving these targets requires proactive management to address failure modes that can lead to outages, ensuring consistent access for users. During the COVID-19 pandemic, ATM reliability became crucial for contactless banking, with usage surging by up to 50% in some regions while maintenance challenges increased due to access restrictions.^[3] Common failure modes include paper jams in receipt printers and low cash conditions in dispensers, which account for significant portions of service calls. Paper jams represent approximately 20% of total maintenance calls, often due to worn rollers or debris accumulation, while cash-out conditions arise from inadequate replenishment and can halt operations until cassettes are refilled.^[152] These issues highlight the need for regular monitoring of consumables and mechanical components to prevent cascading downtime. Maintenance protocols emphasize routine inspections to sustain reliability, including daily checks of cash cassettes for proper loading and alignment to avoid dispensing errors. Quarterly servicing involves comprehensive diagnostics of hardware, such as cleaning sensors and updating firmware, to preempt wear-related faults. The adoption of Internet of Things (IoT)-enabled remote monitoring has further enhanced these efforts, allowing real-time alerts for anomalies and predictive interventions that reduce downtime by up to 30% compared to traditional reactive approaches.^[153] Environmental factors like excessive heat, humidity, and power instability contribute to component degradation and outages. High humidity can affect paper quality and cause jams, while heat accelerates wear on electronics; power failures, often linked to unstable supplies, account for about 24% of breakdown factors in surveyed networks.^[154] These external stressors underscore the importance of climate-controlled enclosures and backup power systems in deployment strategies. Vendor reliability varies but is generally high among leading manufacturers, with both Diebold Nixdorf and NCR offering ATMs engineered for mean time between failures (MTBF) exceeding 10,000 hours. NCR models, for instance, target MTBF rates of 20,000 hours or more through robust dispensing mechanisms, while Diebold Nixdorf emphasizes data-driven maintenance to achieve 99% availability.^[155]^[156] Such metrics enable banks to select vendors based on proven durability in high-traffic environments.

Effects on employment and labor

The introduction of automated teller machines (ATMs) in the late 20th century prompted concerns about widespread job displacement in banking, particularly for tellers handling routine cash transactions. However, while ATMs reduced the number of tellers needed per branch—from an average of 20 in 1988 to 13 by 2004 in urban U.S. markets—the overall employment of bank tellers remained stable or even increased as banks expanded their branch networks to serve more customers. This expansion offset potential losses, with U.S. teller jobs growing from approximately 485,000 in 1985 to 527,000 by 2002, despite the proliferation of over 350,000 ATMs by that time.^[157]^[158] ATMs also created new employment opportunities in specialized roles, particularly for maintenance technicians and cybersecurity experts. The global deployment of millions of ATMs necessitated a workforce for installation, repair, and upkeep, with the U.S. Bureau of Labor Statistics projecting 13% growth in industrial machinery mechanics jobs from 2024 to 2034, driven by demands in automated systems including ATMs.^[159] In cybersecurity, the vulnerabilities inherent in ATM networks have fueled demand for banking-specific security roles, with over 430 dedicated ATM cybersecurity positions listed in recent U.S. job markets alone, contributing to broader global shortages exceeding 4 million unfilled cybersecurity jobs in 2025.^[160]^[161] The labor impacts of ATMs extended to significant skill shifts within the banking sector, moving tellers away from repetitive tasks like cash dispensing toward higher-value advisory roles focused on customer engagement and financial planning. This transformation enhanced job quality for remaining tellers but required retraining, with studies indicating that traditional teller duties could be automated, freeing staff for consultative work. In developing economies, ATMs have generally supported wage growth indirectly by expanding financial access, fostering economic activity, and reducing unemployment through job creation in related services, though specific union responses to early ATM adoption were limited and often centered on negotiations for retraining rather than outright opposition.^[162]^[163]^[164] As of 2025, ongoing automation has accelerated bank branch closures across Europe, with countries like Spain experiencing a 60% reduction and the Netherlands a 48% drop in physical branches since 2010.^[165]^[166] This has displaced some traditional roles but is being offset by robust growth in fintech employment, including a 9% year-on-year rise in finance-related vacancies in key hubs like London and over 26,000 global fintech openings early in the year, emphasizing skills in digital innovation and compliance.^[167]^[168]

Similar automated devices

Video Teller Machines (VTMs), also known as Interactive Teller Machines (ITMs), represent a hybrid of traditional ATMs and live teller services, enabling customers to conduct transactions via video connection to a remote bank employee. These devices support a broader range of activities than standard ATMs, including cash deposits, check cashing, loan payments, and account inquiries, while providing face-to-face assistance during business hours and self-service options outside them.^[169]^[170] VTMs blend ATM hardware with video conferencing capabilities, allowing tellers to remotely control the machine for more complex operations, such as dispensing specific denominations or handling coin transactions.^[171] Cash Deposit Machines (CDMs), in contrast, specialize in inbound cash handling, permitting users to deposit bills and sometimes coins directly into their accounts without withdrawal functionality in basic models. Unlike ATMs, which integrate multiple services like withdrawals, balance checks, and transfers, CDMs prioritize efficiency in cash recycling and verification, often using envelope-free deposit slots with automated counting and imaging technology.^[172]^[173] Many modern CDMs are combined with ATM features in hybrid units, but their core focus remains deposit processing to reduce branch teller involvement.^[174] In the retail sector, ATMs share technological parallels with vending machines and self-checkout kiosks, particularly in user interfaces and automation. All employ touchscreens, card readers, and secure payment processing for unattended transactions, enabling 24/7 access and reducing labor costs.^[175]^[176] Vending machines dispense physical goods upon payment, akin to ATM cash dispensing, while self-checkout kiosks facilitate scanning and payment in stores, mirroring ATM's account verification and receipt generation.^[177] A key distinction lies in ATMs' emphasis on secure financial integration, including encryption, EMV chip compliance, and real-time banking network connectivity, which non-monetary kiosks like vending machines lack to prevent fraud in high-value transactions.^[175] For instance, interactive teller systems at banks such as Wells Fargo incorporate video-assisted verification for enhanced security in deposits and withdrawals, differing from the simpler inventory management in retail kiosks.^[178] This financial safeguarding ensures compliance with regulations like PCI DSS, absent in most non-banking self-service devices.^[179] The market for VTMs shows significant overlap with ATMs and continues to grow, with projections indicating increasing adoption in banking ecosystems.^[180] This growth reflects a shift toward hybrid models that maintain ATM convenience while addressing limitations in complex customer needs.

Modern innovations and future trends

Recent advancements in ATM technology emphasize enhanced user convenience and operational efficiency. By 2025, approximately 30% of ATMs worldwide support cardless withdrawals through mobile apps and QR codes, enabling users to initiate transactions via smartphone without physical cards.^[181] This contactless approach has seen adoption rates rise, with contactless transactions at ATMs increasing by 19% globally in the same year.^[181] Additionally, artificial intelligence (AI) is increasingly applied for predictive maintenance, where machine learning algorithms analyze sensor data and usage patterns to forecast potential failures, thereby reducing downtime and maintenance costs.^[153]^[182] Sustainability efforts are also shaping modern ATM design. Manufacturers are introducing energy-efficient models that minimize power consumption through smart energy-saving features, such as optimized cash recycling modules.^[183] Enclosures made from recycled plastics and composite materials further support environmental goals by reducing the demand for virgin resources and lowering the carbon footprint of production.^[184] Parallel to these developments, cryptocurrency ATMs have proliferated, with approximately 39,500 machines deployed globally as of late 2025 capable of dispensing Bitcoin and other digital assets using cash or card inputs; these kiosks facilitate instant Bitcoin purchases with lower fees compared to traditional exchanges.^[185]^[186]^[187] Looking ahead, ATMs are poised for deeper integration with digital wallets, such as Apple Pay, which is projected to dominate mobile payments and comprise over 50% of e-commerce transaction value by 2030, as global digital payments exceed $33.5 trillion by 2030.^[188] This evolution includes NFC-enabled interfaces for seamless wallet-based withdrawals.^[189] Concurrently, the role of traditional cash-dispensing ATMs is diminishing globally, where cash usage continues to decline at an annual rate of about 4% as of 2024, in line with broader shifts toward digital payments.^[190] Despite these innovations, several challenges persist. Regulatory hurdles for biometric authentication in ATMs, including compliance with data protection laws like GDPR, complicate widespread adoption due to privacy concerns and varying international standards.^[191]^[192] Environmental impacts from frequent upgrades also pose issues, as discarded ATM components contribute to e-waste, releasing hazardous materials like lead and mercury into landfills if not properly recycled, exacerbating global pollution and health risks.^[193] Efforts toward circular design aim to mitigate this by extending equipment lifespans and promoting material reuse.^[184]

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a sophisticated crime in which thieves install malicious software and/or hardware at ATMs that forces the machines to ...
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ATM