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Date: April 29, 2024 Mon
Time: 8:05 pm
Time: 8:05 pm
Results for automated teller machines
1 results foundAuthor: U.S. Federal Trade Commission. Bureau of Economics Title: Credit Card Accountability Responsibility and Disclosure Act of 2009: Report on Emergency Technology for Use With ATMs Summary: Every year millions of transactions are conducted using the nation’s estimated 400,000 automated teller machines (“ATMs”). Before, during, or after withdrawing cash from an ATM, a customer may be the target of a robbery or other violent offense. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “Act”) mandates that the Federal Trade Commission (“FTC”) provide an analysis of any technology, either currently available or under development, which would allow a distressed ATM user to send an electronic alert to a law enforcement agency. In particular, the FTC was directed to evaluate the efficacy of so-called “emergency-PIN” and “alarm button” technologies by: (1) providing an estimate of the number and severity of any crimes that could be prevented by the availability of these devices; (2) estimating the costs of implementing such devices; and (3) comparing the costs and benefits of at least three types of such devices. Although FTC staff determined that the requisite data to evaluate the efficacy of these technologies are not available, staff nevertheless conducted a review based on other materials to provide a sense of the value of the technology. FTC staff reviewed various ATM trade press reports and academic studies and contacted a range of entities – several government agencies, a number of major, private financial institutions, other firms, trade associations involved with ATMs and ATM security, and suppliers of the technologies – that staff believed to be most likely to have relevant data on ATM crimes and security technologies. None of these sources, however, provided data that would permit the analyses specified by the Act. Most fundamental, FTC staff learned that emergency-PIN technologies have never been deployed at any ATMs, and alarm buttons have been deployed only at very few ATMs. None of the information collected indicated that any similar technology is currently in use for a distressed customer to electronically alert local law enforcement. FTC staff found that data on ATM-related crimes and the costs of these emergency technologies – whether from government or private sources – are very limited and are inadequate for a rigorous analysis. The information staff received and staff’s review of the state-level legislative history relating to these issues, however, raise questions about whether the benefits of emergency-PIN or alarm button technologies would exceed the associated costs of implementation for most ATM-related crimes. The available information suggests that emergency-PIN and alarm button devices: (1) may not halt or deter crimes to any significant extent; (2) may in some instances increase the danger to customers who are targeted by offenders and also lead to some false alarms (although the exact magnitude of these potential effects cannot be determined); and (3) may impose substantial implementation costs, although no formally derived cost estimates of implementing these technologies are currently available. The anecdotal evidence that the staff relied upon, however, does not allow for any definitive conclusions regarding the efficacy of the reviewed emergency-PIN or alarm button systems to affect ATM crimes. Details: Washington, DC: Federal Trade Commission, 2010. 38p. Source: Internet Resource: Accessed December 23, 2010 at: http://www.ftc.gov/os/2010/05/100504creditcardreport.pdf Year: 2010 Country: United States URL: http://www.ftc.gov/os/2010/05/100504creditcardreport.pdf Shelf Number: 120592 Keywords: ATM CrimesAutomated Teller MachinesCrime PreventionFinancial CrimesRobberies |