ATM Smartphone App Promises Convenience, not Safety.
- Major US banks move towards card-free ATM access.
- ATM Smartphone App replaces the plastic access card.
- Will this make ATM use safer for us or just for the bank?
A phone app makes you look at two screens now instead of one
- Interview by Aaron Smith with CNN Money.
Podcast Time Stamps:
[01:50] — Interview begins with Aaron Smith – CNN Money.
[02:00] — Must log in to ATM Smartphone app to obtain new account code.
[02:12] — Customer must enter 8-digit App code and PIN code into ATM.
[02:59] — Banks are concerned with losses from fraudulent ATM card use.
[03:40] — Physical robbery risk in front of the ATM machine is unchanged.
[04:40] — ATM Smartphone App may give a false sense of security.
ATM Smartphone App – No Personal Safety Features Yet
- Must own an updated smartphone and be tech-savvy to use the App.
- A smartphone App does not lower robbery risk at ATM machines.
- ATM robbers don’t care how you get the machine to spit out cash.
- Need to enter an 8-digit smartphone account code into the ATM keypad.
- Keypad entry errors can cause more delays than the current card system.
- We still need to enter a PIN code when prompted by the ATM machine.
- We still need to view the ATM screen menu to make transaction selections.
- Smartphone App requires you to focus on two devices instead of one.
- Robbers might prefer that you use an ATM Smartphone App.
- ATM robbers can steal your smartphone phone as well as your cash.
- ATM robbers stealing smartphones will inhibit fast 911 call reporting.
ATM Smartphone App Future Opportunities
- It should greatly reduce the risk of fraud losses for the major banks.
- The adoption of NFC* could shorten the time in front of the ATM machine.
- A bio-metric eye scan should reduce keypad or screen interface time.
- NFC and bio-metrics could drastically shorten time at ATM Machines.
* NFC – Near Field Communication – ATM machines will recognize your phone when in close proximity or by tapping an ATM sensor.
Related ATM Smartphone App Articles and Podcasts
- ATM Security – 10 Things ATM Robbers Don’t Want Victims to Know
- Bank ATM Machine Late-Night Use Advice Article
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