Are cards for ATMs finished? Banks have tried a whole lot of ways to secure their customers from counterfeiting and cloning their credit and debit cards. The oldest of you have got the magnetic strips and the younger chip cards (Chip-n-Pin).
It has long been known that the magnetic tape is incredibly unreliable and can easily be crushed, but newer chips with Chip-N-Pin have also been successfully cloned and cloned.
An annex to it Canada Bank of Montreal and in particular Chicago-based BMO Harris Bank, has launched the largest network in the US ATMs which do not require the introduction of a card and allow customers to take cash out of the machine in seconds by using their smartphones.
There is no card, no PIN, SIMPLE only your smartphone
According to the bank, you no longer need to remember and enter any kind of PIN at their ATMs, and you do not need to have a card to enter it in the special slot. Customers just need to log in to the banking application from their smartphones. After opening the "Mobile Cash" application you can simply hold your smartphones above the QR code that will appear on the ATM screen and you will be able to receive cash. that you desire. This cash withdrawal technology does not require the physical presence of a card to enhance security, speed up transactions and reduce fraud because there is no card information stored on the phone.
BMO Harris Bank reports that it is the first bank to offer single-user access to ATMs using only one smartphone.
"This particular program offers a lot benefits to our customers, both in terms of convenience and security. We think it's something that our customers will simply find extremely exciting as they use their mobile phones more and more for their financial transactions, but also in their daily lives.”
How does Mobile Cash work?
- Download the Mobile Cash app
- Register through Mobile Cash
- The app will ask you to enter the amount you want to withdraw
- The application will store the information until you arrive at the ATM
- At the ATM, select the "Mobile Cash" option on the ATM screen
- A codes Quick Response (QR code), will appear on the screen. Scan the QR code with your smartphone.
- Take your cash. You're done.
So, in order for a thief to commit a credit or debit card fraud, you will need the victim's smartphone and the Mobile Cash password, which you do not need to have both together at the same time. Also, no card information is stored on your smartphone, and the bank can remotely delete the app if your device is lost or stolen.
Initially, the service Mobile Cash will be available in America at 750 ATMs, according to the WSJ . Although this is a very small percentage compared to the 425,000+ ATMs that exist throughout the country.
BMO Harris Bank has more than 2 million customers with 600 stores and over 1.300 ATM. A successful trial may also encourage other banks to adopt it system. And maybe at some point we will see it in Greece as well.
