Smart ATM offers Cardless Cash Withdrawal to Avoid Card Skimmers
Mar 16, 2015
Banks have tried every effort, from providing Magnetic Stripes based Credit and Debit Cards to Chip-and-Pin Cards , in order to secure its users from credit card cloning and card Skimmers. It has been known from years that Magnetic stripe are incredibly hackable, but Chip-n-Pin cards have also been hacked and successfully cloned by a group of security researchers. A unit of Canada's Bank of Montreal, BMO Harris Bank is launching the U.S.'s biggest cardless ATM network that allows its customers to withdraw cash within seconds, using nothing but their smartphones. NO CARD, NO PIN, JUST YOUR SMARTPHONE According to the bank, there is no need to enter PIN and instead of swiping the card, customers have to sign into mobile banking app " Mobile Cash ", hold their smartphones over the QR code on the ATM screen and the cash gets delivered. This cardless cash withdrawal technology will boost security, speed up transactions and reduce frauds because no card informat