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Cardless ATMs On The Rise Despite Security Risks

Cardless ATMs are on the rise, driven partially by the perception that they are safer to use than physical debit cards for withdrawing cash, according to bankrate.com. Besides allowing for faster cash withdrawals, cardless ATMs, combined with mobile wallets, could make cash unnecessary.

Last year, Chase and Fifth Third allowed card-free ATM access, while PNC followed suit at select terminals. In addition, 3,500 credit unions allowed members to use cardless ATMs via the Co-op Financial Services network.

 Cardless ATMs remove the risk of card skimming, the biggest type of fraud afflicting ATMs, but they are not immune to theft, according to the report.

Fraudsters reportedly stole more than $106,000 through a phishing scam from Fifth Third Bank customers after it began offering cardless ATM access. The fraudsters sent a text message to customers and tricked them into visiting a fake website where they provided personal information, which allowed the thieves to initiate cardless ATM transactions.

One Chase Bank customer was robbed after her password and username were stolen. Thieves added a phone number to her account and used a cardless ATM to withdraw funds which they had transferred from her savings account to her checking account.

Mike Byrnes, a product marketing manager at Entust Datacard, said the security aspect of cardless ATMs has not been fully thought through.

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Source: commsweek

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