Abstract
Banking services and related technologies have seen a continuous evolution or rise to better customer convenience and financial needs. In this regard, the introduction of the ATM based monetary or budgetary transaction has been a radical shift. However, the recent rise in the ATM skimming incidents, card data theft issues, online data tampering, and other forms of physical intrusions into customer safety have raised the necessity to adopt a preventive approach to combating or stopping such issues. This research is a step towards understanding the current awareness levels amongst customers on the safety precautions and guidelines. For the sake of primary study, a student population has been selected based on purposeful sampling. The research has been done or completed by adopting primary research techniques and making use of a questionnaire and semi-structured interviews to meet the research objectives. Moreover, interpretivistism is a research philosophy that has been selected or chosen for this research paper. Interpretivism studies focus on meaning and it may select multiple methods in order to reflect different aspects of the issue. This philosophy has been adopted to understand participant awareness on skimming frauds, and it analyzes bank’s measures to put a stop to the fraud issues. A thematic analysis of the findings would be conducted to arrive at important conclusions. Some necessary recommendations would be made to customers and banks on how to adopt a proactive approach to manage such frauds and detect their presence in the first place. The recommendations can play an important role in increasing customer awareness and restraining the fraud issues.
Chapter 01:
Introduction
1.1 The Introduction
ATMs or Automated Teller machines are something that everybody is aware of these days. ATMs are useful equipment that we all use to get cash from banks. They save us from waiting in long queues in banks for withdrawing cash from our bank accounts. However, the lack of awareness of users regarding the ATM security has been causing trouble and issues to the ATM users (Sidel, 2015). The cases of ATM frauds and skimming have been more and more common in the UK and across the globe. This is relevant even in case of the young students who are the new generation users of the ATM services. According to FICO, the number of ATM frauds and skimming incidents in 2015 in America, the UK and other European nations has increased to an unbelievable 546 percent as compared to 2014 (Krebson-Security,