Counterfiet currency Rejection system in ATM

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Problem Statement:
In recent days ATM’s are loaded with fake currency and the ATM’s are dispensing them to the customers without checking whether it is fake or genuine because of this act common people are losing their hard earned money and also there is no trace like which ATM dispensed the particular note.

Solution/How it works: 

First method:

To overcome the above problem ATM should be fitted with special hardware i.e. fake currency detector to detect each currency note whether it is genuine or fake note. This fake currency detector can be fitted before dispensing mechanism or to each cash chest counters. So while getting the cash from cash chest this fake note detector will scan each currency note for its genuineness. If the note is fake then the note will be collected in the fake currency chest in the ATM itself and it will fetch new currency from the same denomination from the cash chest and scan again. If that note is genuine then it will collect in the ready to dispense counter in the ATM. Once the detection is completed according to user denomination then the ATM will collect all the genuine notes from ready to dispense counter and then finally dispense to the customer. So in this case user will never get fake currency from the ATM and also banks will be known which ATM is having which number of fake notes. According to that they can take further action.

Second method:

The fake currency detector can be fitted in each cash chest so once cash loading is completed and close the cash chest then the fake note detector will run automatically to scan each currency note whether it is fake or genuine. If it finds any fake note then the cash chest will be open automatically and it repeats the same until and unless all the cash in all the cash chests are having the genuine currency notes. This feature should have in each ATM  because if anyone purposefully trying to load fake currency in the ATM, the machine itself refuse to take it and ATM will remain open until and unless all the cash chests with genuine currency.

Depositing In ATM:

Same technology can be used while depositing the amount into ATM. First user can authenticate their account and select deposit option then the ATM is ready to collect the cash as loose notes or in the envelope.

If user trying to deposit as loose cash then each note will be scanned then and there and if the note is fake then it will not give back to the customer and collect in the fake currency chest in the ATM and notify the customer on the screen that is fake note so it will not consider for deposit and it asks for another note to accept the deposit. This step repeats until all the notes are scanned and deposited. How many genuine notes are collected from the customer only that much amount can be deposited into their bank account. Still the customer is accountable for holding the fake currency. The ATM is intelligent enough to capture the each fake currency note image by using internal camera while depositing by the each customer and it will be stored in the database and attach to the depositor account. So that banks can easily identify which account holder is trying to deposit which number of fake notes.

If user trying to deposit the cash using the envelope then the ATM machine will collect all the cash from the envelope and then it stats scanning each note. If any fake notes found then it will not give back to the customer and collect in the fake currency chest in the ATM and notify the customer on the screen with fake note image and amount so it will not consider for deposit. This step repeats until all the notes are scanned and deposited. How many genuine notes are collected from the customer only that much amount can be deposited into their bank account. Still the customer is accountable for holding the fake currency. The ATM is intelligent enough to capture the each fake currency note by using internal camera while depositing by the each customer and it will be stored in the database and attach to the depositor account. So that banks can easily identify which account holder is trying to deposit which number of fake notes.

 Advantages:

  • No one can load fake currency in the ATM by mistake or purposefully
  • ATM front or back door will not close until and unless all notes in all cash chests are genuine
  • Customers never gets fake currency through ATM
  • Fake currency will be collected in separate cash chest in the ATM itself
  • Banks will get to know which ATM having which number of fake notes
  • It will help to reduce fake currency  from the country
  • This technology can use while depositing the amount into ATM
  • Customers still accountable if they are trying to deposit fake currency into ATM’s
  • In this technology, ATM will not dispense fake currency to the customers as well as it will not allow depositing the fake notes into ATM.

Below picture is for representation purpose only but not the actual design images.
Note: Below images are completely for representation purpose only.









Please provide your valuable suggestion and comments on this article

Reach me @ my.innovationconcepts@gmail.com

Note: All the above images are only for illustration purpose.

Disclaimer: Chances are there that some one may have patents on the similar innovative ideas but all these concepts are my own individual thoughts.

 Thanks,
SPCS

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