If your financial institution utilizes ATMs either at your business locations or remotely, you know that having high-quality equipment is an essential part of maintaining great customer service and security. But what if the ATMs you use are manufactured in a foreign country, like China? Does this pose any threat to your consumer accounts or security?
A recent move by the U.S. Federal Government has seen a new policy stating that Chinese-made mobile phones are no longer permitted for government use due to security risks. While the U.S. and China are in the midst of their trade negotiations, it is unclear whether this move away from foreign-made phones is truly due to a security risk or if it has to do with playing hardball during current trade negotiations as the two major players address the U.S. trade deficit.
Either way, with mobile phones being a specific area in which the U.S. government sees a threat, it isn’t hard to jump to the same conclusion with other electronic devices manufactured in foreign countries, like China. Many financial institutions purchase their ATMs from American companies that may outsource their own products from foreign countries for many reasons, with the cheaper cost of manufacturing being a big one.
The looming question becomes, then, whether there is truly a risk involved with purchasing foreign-made ATMs. There isn’t any indicator to suggest that there is a risk, but this is a topic to watch as facilities make upgrades to their ATMs or add new locations where customers can conduct banking transactions remotely.
Read more on the current government regulations here, and contact us at Ken Smith Inc. if you have questions about your current ATM equipment.