Withdrawing money from ATMs may revolutionize in the coming years with new technology. This is a mobile app that uses fingerprint authentication so you no longer need to enter your PIN at an ATM.
In this case, you no longer need to use a traditional debit card to withdraw money, which makes it harder to steal your card information.
You will pay with iPhone soon
New technology is under development in the United States, where a new mobile app for raising money is coming to iPhones. The app makes iPhone as a remote control, allowing you to withdraw money from an ATM in as little as ten seconds. After withdrawing the money, the receipt is sent directly to the person’s iPhone.
In America, mobile applications are gaining ground on a larger scale as Bank of America, the second largest bank in the United States, announced that it would accept withdrawals with the Apple Pay application at certain ATMs.
Mobile is not just sketching
The mobile application is able to respond to the increased threat, especially of skimming devices. Skimmers are an international scourge that has made insecure money withdrawn in Finland as well.
The most sophisticated skimmers are virtually unnoticeable as they are installed inside the machine. A small hidden camera is often used with a skimmer to spy on the victim’s ID.
Did you know that there is no need to enter a pin when using a local payment, so you can’t spy on it either!
Withdrawing money is never risk-free
In Finland, similar technology can probably be expected yet. On the other hand, there is more and more talk about mobile payment and raising money is no different from mobile payment. However, a completely risk-free authentication method does not exist, since significant security risks have also been found in fingerprint authentication.
Even fingerprinting is not impossible, and they have been leaked to criminals. Fingerprint leakage is dangerous in the sense that you cannot change your fingerprint – unlike your password. At least for the time being, fingerprint hacking seems less likely than password or pin hacking, but on the other hand, leaking fingerprints to criminals often means longer term harm.
Of course, a mobile app for raising money always requires a working internet connection, which can limit the application’s usability.
In the future, security can also be enhanced by a variety of hybrid solutions, such as combining fingerprint and indicator. The mobile application can indicate its willingness to withdraw money, and the application will inform the person of the PIN for the particular withdrawal, in addition to which the ATM also requires a fingerprint.
A physical credit card goes almost everywhere
At present, Finland uses, for example, Mobile Pay, launched by Good Finance Bank, which makes your mobile phone a payment instrument, in practice, for example, a debit or credit card, sometimes much more.
A physical credit card is still more than a valid means of payment. It is quite secure, for example, due to its product and purchase security, and is visited around the world. And you don’t always need that internet connection!