I was thinking, if someone runs a bitcoin ATM and it's not Robocoin (Which is the only one that does user verification) don't they risk of becoming the perfect place for people to launder counterfeited money?
I suppose the note taking mechanism can't recognize them. Especially since most seem to be programmable to work with any currency...
So how do we solve that?
Camera at the spot won't really stop the determined ones.
I really can't believe there is an ATM that has been launched and installed and can't verify the bills it gets.
That would be a huge error and i doubt it wouldn't have been exploited yet.
Well conventional ATMs just give cash, don't take it.
So, I guess if a Bitcoin ATM owner is not careful, he could end up with pile of fake money.
At least that would be my first concern if I'm considering to order a bitcoin ATM.
What makes me wonder is,
they claim to accept all kinds of currencies. Well I find it hard to believe they can recognize the fakes of all of them?
I think that they do have to met some standards before installing such machines all over the world. They couldn't be that stupid to go live with something so insecure that might send them on the path to bankruptcy.
Also , I think it's harder to have an ATM recognize a foreign bill than add the program to scan it for fake.
No they don't. Your just buy the hardware from them and it's your responsibility to run it and comply with local laws and standards. Also the risk of fake money is fully in the hands of the local ATM owner.
Also I don't believe your second guess is true either. The differences between fake and real note are much smaller compared to ones between the notes of different currencies.
I'm not an expert in atm machines , but i think it's just a piece of software that runs when you inset a bill that checks it against some patterns.
So it would be fairly easy to get a recognition software that detect fakes , just like banks have , for every bill out there , and install it with a few clicks.
I doubt that this is not the standard procedure , otherwise I'm pretty sure we would have already seen reports of people inserting some home printed money in those machines.
Ok, then why in most banks there are still a human cashiers that personally check some of the bills and it's not all automated?
Based on what experience or facts you think is easy to make a software that recognizes fake money?
Because when one of the largest banks in my country declared it has to go through some changes ,(and fire some peoples) in a matter of days all the banks got some new machines where you could insert cash and make a deposit to any of your bank accounts or pay bills , even exchange currecy, not having to talk to the cashier anymore.
ING for example , never really had ,since they first come with their first bank here, cashiers , they only had atms for depositing and withdrawing money.
And this happened a few years ago. So taking into account the time and how technology is evolving in this century , I assumed it would be pretty easy to implement.
At least , I assumed so
.
