Probably
The key thing about this paper is that it describes an insider attack, how a bank programmer could defeat the "hardware security module" to guess PINs. Despite the provocative abstract, it doesn't seem to be about an attack that somebody could perform just by walking up to an ATM.
I was intrigued to read that the default PIN the bank issues is generated algorithmically. I would've expected it to be random. That's bad news; always choose your own PIN!