
Automatic Teller Machines (ATMs), introduced in developed countries during the late 70s, were cash dispensers, helping customers conduct a wide array of financial transactions. A decade ago, ATM machines were mere cash dispensers through which customers could only withdraw cash and receive details of their bank accounts. The standalone feature of 24*7 availability of transactional services provided by the banks, across multiple locations (offsite ATM machines), defined the very landscape of ATM market. Smart ATMs have played a considerable role in generating revenue in developing countries. Recent technological advancements, enabling financial transactions to be conducted over wireless devices, have boosted the growth of the World ATM market. In hindsight, these technological advancements have also led to the emergence of major fraudulent acts and security threats. Severe risks, associated with ATM machines such as thefts, online frauds, connectivity and operational issues, would limit the growth of the ATM market.