The Introduction of ATMs
ATMs were introduced to the world in 1983. These modern marvels of technology were well received by consumers because they made it possible for them to access money from their credit cards or debit cards 24 hours per day with a quick and simple system. ATMs also made it possible for consumers to travel in a safer manner because they no longer had to carry large amounts of cash with them. Instead, they could access money anywhere in the world with the help of the ATM.
Although ATMs made certain aspects of life safer, it did make it easier for counterfeiters and thieves to take advantage of unsuspecting consumers. After all, it only took having the card and a PIN (personal identification number) to access all of somebody’s funds. For this reason, Visa soon introduced the Visa Risk Identification Service. This computer-based program was capable of identifying suspicious transactions and putting an end to them if there was reason to suspect it was fraudulent. This type of system is still in use today, with individual banks having their own unique systems to help keep you safe. In addition, many countries are putting other protective barriers in place to ensure the transactions placed on credit cards and debit cards are truly authorized by the owner.