Face verification can better secure ATM transactions, although new risks may emerge: Experts

Apart from quicker transactions, the key benefit of enabling face verification at ATMs is better security as it removes the need for a physical ATM card and PIN. This reduces the likelihood of unauthorised transactions due to stolen cards or hacked PINs, experts said.

That said, new technology can bring about other risks, meaning that novel mitigation methods will be needed. The technology on its own may not be foolproof either. “Studies have uncovered instances where a facial recognition system cannot accurately distinguish between similar-looking faces, such as in the case of twins or siblings,” Mr Pandit added.

Read the full article at CNA

2021-03-23T01:04:17+05:30March 22nd, 2021|Categories: ATM, Banking & Finance, Digital Banking, FIAKS daily, Payment, Privacy, Security, Technology|Tags: |Comments Off on Face verification can better secure ATM transactions, although new risks may emerge: Experts
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