Biometric ATMs are self-service cash machines that use a biometric measure to identify customers and allow them to withdraw cash.The biometric measures used include palm or finger vein print biometrics, although they may also include other functionalities such as iris recognition.
Acting as a strong authentication tool to help secure ATM brick, mortar, and online transactions, biometrics in banking also helps to increase customer trust and improve brand reputation. The necessity for a stronger authentication solution became inevitable in banking services because of the growing pace of sophisticated transactional technology adoption along with the unfortunate rise in fraud and security breaches due to reliance on traditional security systems such as passwords.
Using biometrics in banking ATMs is popular in developed countries and the adoption rate is growing significantly. There are two approaches for customer authentication in ATMs. A customer using only biometrics and a bank card or a PIN along with biometric authentication. Therefore, facial recognition, fingerprints, finger vein patterns and iris recognition are the most suitable in ATMs as these biological traits can't be easily authenticated in this environment.
The rapid digitization of banking services combined with the continued need to adopt stricter customer and employee identification protocols to prevent identity theft and fraud has set the table for biometric identification technology to become an integral and strategic part of financial service security platforms.
Visit Your Bank an inquire more about biometric ATM.
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