An ATM machine installation, at your retail location, can help diversify your income streams and provide you with a steady monthly earning along with your main business. If you are potentially interested in getting the benefits of running an ATM Machine, but don’t know about the many easy options to install an ATM at your store or any other business, the following piece will provide you a solid brief on the many options and security issues you need to be aware of, when operating your first ATM machine.
You can always get in touch with ACE ATMs if you are new to this ATM business and need to make general inquiries about anything related to ATM machines. We provide a range of services across Michigan to help you get started with your first ATM machine including free ATM machine installation, maintenance and servicing, and ATM insurance.
There are many different ways you can get an ATM installed at your business location. The following are the most common forms employed:
- Upfront Capital Investment (One Time) to buy the ATM outright
- Rent the space and let ATM companies install their machine
- Rent out a machine for fixed time period to find out if it works for you.
- Go in partnership agreement with the ATM installation companies and share profits from the surcharges or fees for every transaction.
- ATM Leasing – Get a machine on leasing agreement*
*Note: The lease option works for those businesses who are not yet entirely convinced about the financial viability and do not want to risk a relatively sizeable one-time cost. You get greater value when you lease an ATM since you are only paying small monthly fees to get a month’s long service that offers numerous benefits.
There are various ways you can get an ATM and make money from it. If you own a retail business, or a food and hospitality business, having an ATM installed at your place, is basically free money. Just like with any other money making venture (big or small), you need to be careful about security and protecting your business interests.
With ATM machines, there are some security concerns (theft and fraud) that an ATM owner or operator needs to keep in mind. We will highlight some of these major issues so that you can take relevant security measures. ATMs are basically digital devices or machines that are run similar to other digital systems these days. ATMs need to be connected to a network so that when an ATM user inserts his/her debit or credit card, the system can communicate with the said bank to verify the account details and whether the card used, along with authorization details, is genuine. This communication channel, or rather ATM connection to a network, makes it prone to malware attacks or security breaches.
Most companies are keeping vigilant and constantly closing down security loopholes on these networks. ACE ATM also take these security issues seriously and that is why we only carry high-tech and reliable ATM machines with high security protection features. Like the Nautilus Hyosung ATM machines that are used throughout the Americas (including Canada and Mexico along with the US) and across the globe.
Criminals (and specifically, cyber criminals) are getting more and more sophisticated with their methods. They are constantly looking to change network infection vectors, responding to increased security by banks and ATM companies. These network-based attacks utilize a malware to infect ATM and once these guys are in, the can collect payment card data or force the ATM machines to dispense. ATM’s telecom network offers another potential means of attack. Sophisticated criminals can hack the ATM by infiltrating these online or using hidden USB ports, which are used for software update and maintenance, to gain access into the networks.
Simplified explanation of network based-malware attacks
|1. Send malware to the ATM network via phishing emails to banks employees|
|2. This way they get into bank’s corporate network|
|3. Steal Admin Credentials|
|4. Hack into the Network|
|5. Perform Lateral Movement|
|6. Get Remote Access to ATMs|
|7. Dispensing Cash from ATMs on Infected network|
|8. Then mules collect or pick up the cash|
Obviously, these are highly coordinated attacks and target ATMs holding a huge amount of cash at all times. There are both malware and non-malware attacks on ATM. The latter include physical threats and skimming. Physical threats include physical risks to ATM machines and its hardware. Skimming is type of ATM fraud which involves criminals trying to steal card data or taking control of their cards.
Criminals can get control of your card or data (including PIN) by many different ways e.g. they can get into your accounts and withdraw account’s balance by cloning bank cards and using hacking devices. Other methods include installing small spy cameras around keypads or using heat devices to find out your pin. There have been instances where some chip reader or card reader is attached to ATM machine to read the magnetic strip and/or copy card details for access to your bank accounts. Although it is harder to get details off chip cards but safety is crucial to prevent such instances.
At ACE ATM, we work with leading ATM companies and security companies (including IT and network experts) to ensure that all our partners and buyers are well-protected from different types of ATM threats. You can also further protect losses or damages by working with ACE ATM to obtain your Free ATM machine insurance.