Question on: JAMB Accounting - 2022
The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?
A
smart card
B
communication network
C
magnetic strip
D
computerized account
Ask EduPadi AI for a detailed answer
Correct Option: A
The correct answer is smart card. Here's why:
- Smart card: ATMs use smart cards (or cards with embedded chips) to store and transmit account information securely. The ATM reads the chip on the card to identify the account and process transactions.
- Magnetic strip: While older ATMs used magnetic strips, smart cards are now the standard for their enhanced security features. Magnetic strips store account information but are less secure.
- Communication network: The communication network is necessary for the ATM to communicate with the bank's central server to verify transactions, but it is not the medium to read the account details.
- Computerized account: A computerized account is where the details are stored but not the medium that the ATM uses to read the account details.
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