A new, PIN-free way of ATM banking is going to be demonstrated at the ATM Industry Association’s (ATMIA) 2015 US Conference. The new system comes by way of digital security company Hoyos Labs, and revolves around a biometric solution.
Based on the company’s HoyosID identity assertion platform, the new ATM system is essentially a bit of software that works in collaboration with a mobile app to identify a bank customer. Customers need only to download a mobile app for their banks, and to allow their mobile devices to scan their faces when they approach an ATM. The mobile app will use facial recognition technology to authenticate the customer, and Near Field Communication (NFC) technology to communicate that information to the HoyosID-enabled ATM. The user just needs to scan a QR code that the ATM displays to link the devices, and from there can then proceed as usual, withdrawing, depositing, and doing any other standard ATM transaction.
There have been other efforts to bring biometric security to ATMs. Diebold, for example, has launched a series of finger vein-reading ATMs, while a Bitcoin ATM provider made an abortive attempt to incorporate palm vein-scanning technology into its offerings. Hoyos Labs’ solution is rather ingenious in its preclusion of the need for any retrofitting of hardware; it’s software-based approach allows financial institutions to incorporate it at a much lower cost. This kind of technology is still new to the world of ATMs, but it could generate a lot of excitement at this year’s ATMIA conference.
February 18, 2015 – buy Alex Perala