Fraud, Regulations Drive European Biometric ATM Market: Report

A new report suggests that the biometric ATM market is poised for growth, with thefts and government regulations helping to drive it. Entitled “Europe Biometric ATM Market 2016 – 2022”, the report comes from KBV Research and Marqual IT Solutions Pvt. Ltd.

Fraud, Regulations Drive European Biometric ATM Market: ReportLooking specifically at the European market, the report’s authors cite data from the European ATM Security Team indicating that ATM fraud increased by 15 percent between 2014 and the first half of 2015. Concern over this trend is helping to push financial services institutions to explore the enhanced security of biometric ATMs, while emerging government regulations concerned with protecting the data of citizens are another major factor.

We are already starting to see the emergence of biometric ATMs, with major ATM maker Diebold having recently showcased its own innovative biometric ATM concept. And with major American banks preparing to roll out NFC-equipped ATMs to adapt to the rise of mobile banking, it seems likely that they will also come to embrace biometric authentication, whether through the ATMs themselves or via the fingerprint sensors that are now so commonplace on customers’ smartphones.

May 20, 2016 – by Alex Perala