A CARD BASED SECURITY SYSTEM (A CASE STUDY OF ECO BANK)
CHAPTER ONE
1.0 INTRODUCTION AND HISTORICAL BACKGROUND
The idea of self-service in retail banking developed through independent and simultaneous effort in Japan, Sweden, the United States and the United Kingdom. In the USA, Luther George Sunsjan has been wrongly credited with developing and building the first cash dispenser machine.
There is no evidence to suggest that Sunsjan worked in this device before 1959 while his 132nd patent was first filled in June 30, 1960 (and granted 26 February, 1963).
The roll out of the machine, called bank graph, was delayed a couple of years. This was particularly due to Sunjlan’s reflection electronics being acquired by universal match cooperation. An experimental Bank graph was installed in New York City in 1961 by the bank of New York, but removed after 6 months due to the lack of customer’s acceptance. The bank graph, however embodied the pre-occupation by its banking in finding alternative means to capture deposits, while the concern of the European and Asian Bank was cash distribution.
The first cash dispensing device used in Tokoyo in 1966. Although little known of this first device, it seems to have been activated with a credit and rather accessing current account balances. This technology has no immediate consequences in the international market 1972. In the UK, IBM (international business machine) 2984 was designed at the required of bank. The 2984 CIT (cash issuing terminal was the first cash poibt, similar in function till today’s machines; cash point is still registered trademark of TSB in the UK. All are online and issued a variable amount which was immediately deducted from the account. A small number of 2984’s were supplied to a US bank. Notable historical model of ATM’s include 10xx and TSB 900 series and NOR 50xx series.
1.1 OBJECTIVE OF THE STUDY
To total aim of this project work is to implement a card – based security for customer’s withdrawer using Eco Bank as a case study.
This project involves the running of the card based machine (ATM) and also explain the reason for the proposed project.
Generally, this project work should be test effectively the system (card–based security) can be compared with the manual based security.
1.2 STATEMENT OF PROBLEM
One of the major problems in banking industry is account fraud. Appreciation of card based security which is significant different from other security based system as going to reduce the rate of fraud in banking sector.
1.3 SIGNIFICANCE OF THE STUDY
This project work will enhance the security of the customer’s account and transaction. It makes customer to access their bank account in order to make cash withdrawals and check their account balances as well as purchase cell phone prepaid credit without entering into their banking hall.
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