The inventor of the ATM PIN made it 4 digits because his wife couldn't remember 6.

The invention disrupted the local bank industry, allowing customers to access cash around the clock and when out of town. The innovation also reduced the headcount needed for bank services and created a new revenue stream via ATM fees for noncustomers. This 50-year anniversary retrospective revisits the cash kiosk.

Specifically, the first ATM (which stands for “automatic teller machine”) made its debut at a Barclays bank in London. A timeline of ATM history can help illustrate and visualize other key events in ATM history.

Magnetic strips store unchanging data that is easily cloned, but microchips act as miniature computers that encrypt sensitive data. They also resist fraud by creating data unique to each transaction, preventing duplication.

After using biometrics or a PIN to access the private key stored on a device, it is combined with a random number generated by the site to produce a cryptographic signature. This signature is verified using the site's public key, allowing a user to log in without entering a password. This reduces the risk of fraudulent messages—phishing attacks—and data breaches.

From the debut of the world’s first ATM in 1967, to Apple Pay launching in 2014, financial technologies have come a very long way in a relatively short historical period. A colorful visual timeline highlights some of the most important milestones along the way.

Visa was previously called National BankAmericard Inc. (NBI), but as other banks began to license the network and it expanded internationally, it needed a name less associated with both Bank of America and America itself. Hock believed that the word "Visa" implied no national identification and was relatively easy to pronounce in any language.

After years of being delayed by litigation, a 2024 US Supreme Court ruling upheld a law that prevents lenders from attempting to take payments from accounts with insufficient funds more than twice without reauthorization. This tactic is commonly used by payday loan companies, which technically require repayment on the day borrowers receive their paychecks.

In the one-time pad approach, the encryption key is randomly generated and of equal length to the plaintext. This randomness ensures that every possible plaintext is equally likely—RBBHN can mean HELLO, SOLVE, CODES, and so on, using a different key—while matching the message and key lengths prevents the appearance of patterns that can be exploited.

Major retailers like Target have stopped accepting checks in recent years as real-time payment systems are increasingly being implemented across the US. This shift is considered an improvement in safety—as checks are vulnerable to fraud—but can lead to some exclusion for those without access to digital devices.

Passkeys use cryptography keys to secure logins without passwords, resisting phishing and risks from data breaches. The FIDO Alliance developed passkeys as a combination of public and private keys for authentication.

In the US, each bill also has its own plate number, series year, Treasury seal, and more. Each design helps track money and combat counterfeiting.

On a 1958 morning in Fresno, California, about 60,000 people woke up to find a strange rectangular piece of plastic on their doorstep without explanation. Those chosen for the "Fresno Drop" didn't know it yet, but Bank of America was behind the credit card delivery stunt.

In recent years, companies such as Square and Toast have created touch screen technologies prompting customers at coffee shops and casual restaurants to tip upwards of 25%. Despite the interesting psychological conundrum this presents to consumers, one tech columnist argues that shoppers don't need to succumb to the pressure.

In the 1890s, then American Express President James C. Fargo was frustrated that he couldn't get cash while traveling in Europe outside of major cities. Marcellus Berry, an American Express employee, came up with the idea of a traveler's "cheque": a prepaid check, similar to cash, that requires the signature of both the customer and the receiving institution to be valid. American Express never modernized the spelling of the word "cheque" and stopped providing them at the end of 2020.

After his wife died in 1937, Juettner fell into financial trouble and soon began replicating $1 bills. These bills aren’t typically prime targets for counterfeiting given their low value.

Using settings selected from a series of rotors and a plugboard that let operators swap letters with any of their choosing, the machine lit up the output letter for each letter typed. While this system could generate messages requiring any of 150 quintillion potential keys, the machine's reflector never encrypted a letter as itself, providing an entry point for exploiting the system.

When you buy even something as small as a $5 latte, a global relay between banks and networks like Visa and Mastercard is triggered. It all started with a 1958 campaign from Bank of America that jump-started the credit card revolution.

Although previous methods of randomness involved physical tools with limited outcomes, such as dice, or relied on chaotic variables for number generation, such as electronic noise, John Von Neumann's middle-square method turned the problem into a mathematical computation. It has since been replaced by methods that generate numbers from unique initial values, such as the time on a clock.

Before that year, banks in the US were legally allowed to deny women credit or charge them higher interest if they failed to get a male cosigner.

The pair used a practice called “coin clipping,” shaving the edges off silver coins to decrease their weight before sending them back into circulation. When banknotes rather than coins gained popularity, counterfeiting methods evolved—in the 1700s, an early banknote counterfeiter named Mary Butterworth created counterfeit paper money using starched cloth and a hot iron to transfer the pattern of a banknote onto paper.

At the start of the millennium, more than 68 million checks were processed daily. Amid the adoption of automated clearinghouse (ACH) payment systems, that number has sunk to 12 million a day.

As people reduced the frequency with which they paid for things in cash and change during the COVID-19 pandemic, opting for tap-to-pay systems or online shopping instead, the number of coins in circulation decreased. Those who did make cash purchases were more likely to keep their change at home rather than use it on a subsequent purchase.

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

PayPal, which, like Palantir, was cofounded by Peter Thiel, developed the initial framework for Palantir's data-mining service to prevent financial crime. Following the 9/11 terrorist attacks, Thiel realized the software could also enable government agencies to connect data and prevent similar terrorist attacks from occurring in the future.

The robbery took place in broad daylight. Without any armed security guards present, the thief quickly stuffed a duffel bag with 72 precious items. They remain at large. The heist drew particular attention for its location—the Carlton Intercontinental Hotel in Cannes, which was prominently featured as a setting in Hitchcock's 1955 film "To Catch a Thief" about a reformed cat burglar.

The eye in the triangle floating above the pyramid, for instance, is “the Eye of Providence watching over and ensuring the endurance of the structure of the American government.” This article details every design choice’s significance on the dollar—and a few conspiracies around these choices as well.

Jeff Johnson, the company’s first full-time employee, said the name came to him in a dream just before Blue Ribbon Sports filed a patent for the “Nike” football shoe. Nike cofounder Phil Knight wanted to name the company “Dimension Six,” but was ultimately convinced that a one-word name would be better.

By the 1860s, an estimated one-third of US currency in circulation was counterfeit. In 1865, the Secret Service was created specifically to combat the country's serious counterfeiting problem, which had led to widespread financial instability. This was partly due to the lack of federal currency standardization in the country at the time.

Until that time, each banker was required to bring that day's checks to every other bank for settlement. Perhaps understandably, the first place bankers opted to gather to clear and settle checks was a tavern known as the Five Bells. The innovation gave rise to what would become clearinghouses, key institutions that facilitate payments.