In today’s highly competitive world where cybersecurity has been one of the critical issues prevalent across companies worldwide, there has to be a certain defense mechanism or proper control mechanism in place. Not only regular bank ATMs have been crippled against the complexities like cybercrime, hacking, however, Bitcoin ATMs become the cybercriminals next target.
Based on the researchers of Trend Micro Security, in order to provide shelter against cybercriminals, a malware trading Bitcoin ATMs have been invented secretly in the markets. With this, the Bitcoin ATM malware is sold at $25000 that let users buy bitcoin worth of 6750 through US Dollars or GBP or Euros. This cryptocurrency can be bought through Near Field Communication (NFC) or Visa (EMV) or Mastercard or Europay.
The major reason causing this problem is due to no standardized Bitcoin ATMs in place. According to the official comments, Fernando Merces of Trend Micro, “Unlike regular ATMs, there is no single set of verification or security standards for Bitcoin ATMs. For example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM involves the use of mobile numbers and ID cards for user identity verification.”
Further, he said that “The user then has to input a wallet address or scan its QR code. The wallets used to store digital currencies are not standardized either and are often downloaded from app stores, posing another security problem.”
Based on the analysis performed by Trend Micro researchers, they have concluded that the vendor of the malware is expected to have got more than 100 reviews thereby increasing its popularity in the market. The worse may occur to that extent that if vendor executes partnership with any parties through Revenue sharing model.
As per the valid source of CCN, the number of Bitcoin ATMs have increased by more than 3500 worldwide. Besides the use of Bitcoin ATMs in numerous locations, the malware vendor is limited to English, German and Russian speaking markets. Needless to say that the Bitcoin ATMs dominate its presence in English speaking countries where the German and Russian community are sprawling already.
However, the highly dominant English speaking population like the USA having 2166 Bitcoin ATMs in place, whereas the UK has 171 such devices in place. Russia claims to have 72 devices in place with Switzerland having 29 and Austria claiming to have 153 Bitcoin ATMs in place.
As and when the new technology has come into existence, there has to be the strong governing system in place that streamlines the entire ecosystem of cryptocurrency!!