ATM Smartphone App – Will Bank ATM App Prevent Armed Robbery?

• Interview by Aaron Smith with CNN Money.

Podcast Time Stamps:

[01:50] — Interview begins with Aaron Smith – CNN Money.
[02:00] — Must login 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 ATM machine is unchanged.
[04:40] — ATM Smartphone App may give a false sense of security.

Must look at two screens now instead of one

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 Robber Don’t Want Victims to Know
• Bank ATM Machine Late Night Use Advice Article