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ATM security is based on more than your PIN number. It has two foundations: PIN number and the card. Therefore, you need to have the card (physical media) and the PIN number.

If you consider that a person would first need to steal your card and then figure out your PIN number, it becomes apparent that increasing the difficulty of the password is foolish. If your card is lost or stolen, you report it and you save yourself some pain. If your card is lost or stolen, you have a pretty reasonable barrier because the card is physical and needs to be taken to an ATM. Then, even if the card is used immediately, the thief needs to sift through 9999 combinations.

Security is not meant to lock you in. It is meant to keep other people out. When you think about that, you'll see that you often just want very good security with excellent convenience. That is, you want optimum security, not maximum security. You do not really want maximum security because that would drammatically decrease convenience. For example, if you really wanted maximum security of your funds, you would put them in the bank physically and you would pull them out physically. You would not even use an ATM because the security is not maximum.

ATMs are convenient and the security is reasonable. Most people can remember their cards and their 4-digit codes. If you start trying to increase the security, you are in for trouble in my opinion. If you really wanted to increase ATM security, forget about pictures. Instead, look into biometrics, which are much more reasonable.