Both revealed a big shortcoming: “there was no way to really ensure that the user of the toke n was actually the holder of the account,” Smithsonian wrote. An early competitor used magnetic-stripe cards. Originally, Barclays used PINs to secure their ATMs. Barclays was taken with the idea, and erected the world’s first ATM on June 19 67 at a branch in Enfield, a suburb just outside of London. He wanted to create a “cash vending machine” that would stay open when his bank was closed. The pioneering ATM was envisioned by a printing engineer named John Shepherd-Barron, according to Smithsonian. Going as far back as the earliest automatic teller systems (ATMs), security and convenience were often at odds. The goal today is to let customers manage their money intuitively and on their terms, while keeping it safe from fraudsters, hackers, and other bad actors. From ‘security or convenience’ to ‘security and convenience’įinancial institutions have taken great strides over the course of decades to make banking more secure and convenient.
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