Wed, Jan 6, 2016

Will Biometrics Technology Make Your ATM Card Obsolete?

Kroll's cyber security expert Jonathan Fairtlough recently contributed to an ABC Good Morning America report which discussed the opportunity for major banks to recruit the use of biometrics technology to replace the traditional use of an ATM card when conducting ATM transactions, in order to reduce the risk of fraud. This report about biometrics technology in banking focuses primarily on the iris scan which would allow customers to access ATM's with their eyes instead of using their cards.

Jonathan Fairtlough provided commentary on the segment to share his professional opinion that this new technology in banking will "add security by providing a level of uniqueness that just doesn't exist with simple passwords". Citibank agrees that this new technology makes your bank account even more secure, as Heather Cox from Citi Innovation Labs explained that the iris scan is "the second most reliable marker in your body, behind the DNA".

The Electronic Frontier Foundation have provided a caveat that warned about the potential vulnerabilities that currently exist with the biometrics technology in ATM's, specifically referencing the possible risk of an unauthorized person hacking into a system where a person's biometric information is stored. Citibank are continuing to develop their product as they want to ensure they roll out an optimized version of the ATM’s with biometrics technology from the initial launch in order to provide customers with the convenient and secure experience they desire.

Read article