While many ATM thieves concentrate on digital schemes that steal identities and funds through electronic transfers, others are motivated by the cold hard cash they can have dispensed right into their waiting hands. However, new technology has been developed and is being perfected by companies such as ETH Zurich. The organization has created a chemical defense solution that’s intended to both deter thieves and identify the spoils of their plots: ATMs will spray foam that helps track stolen cash, and hopefully reduce the number of thefts due to unauthorized account withdrawals.
The Concept Is Founded In Nature From A Beetle
The Bombadier Beetle actually produces an acid within their bodies that they spray upon attackers when threatened. In the ATM application, the invention produces a defensive surface on the ATM machinery, such as a cash box, keypad or slot. The surface is comprised of layers of hydrogen peroxide and manganese dioxide, and it will cause a chemical reaction when the seal is broken. Everything near the machine is soon covered in hot foam, including the cash and the thief attempting to withdraw money.
ATMs will spray foam to help track stolen cash, but there’s more to this innovative creation.
- When the technology is installed in an ATM, the manganese dioxide layer will also include additional chemicals. A dying agent is incorporated into the solution, which will end up all over the stolen bills and render the currency useless. Because the cash cannot be spent, the hope is that potential thieves will be deterred from attempting to rob ATMs.
- The manganese dioxide layer will also contain DNA technology involving nanoparticles. The solution is deposited onto the bills along with the foam, enabling the police and investigators to pursue the money.
ETH Zurich hasn’t released specific plans for implementing its chemical defense technology, simply stating that its solution installed into ATMs will spray foam that helps track stolen cash. The company does point out that the invention is significantly more cost effective that current theft-deterrent systems, as the film is priced at around $40 per 10 square feet. It’s also more reliable than some mechanical systems that can fail or be affected by power supplies.
ATM users are also being attacked by a procedure known as “skimming”, which involves fraudsters stealing PINs and account information by utilizing specialized remote devices. One such apparatus is placed near the slot where the card is swiped, reading the magnetic strip and recording all account information. A second device is a hidden camera that captures the PIN as a user enters it on the keypad.
The technology is so streamlined that few consumers even notice the card slot device or the camera. The scheme is so successful that the thieves can obtain the data in real time, even accessing the device from near the ATM site. They take the data they’ve illegally obtained and burn it onto a blank card, which they take to any ATM, and with the PIN information, and withdraw cash.
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Veriti Consulting LLC provides professional fraud investigation service across the U.S. Veriti is also a licensed private investigation agency. Learn more about our financial theft investigation service by calling 855.232.4410 or contact us via email.
