Business

Bank pin or fingerprint: How would you like to withdraw your cash?

If you were given the option to withdraw cash from your bank account using your fingerprint, would you go for it?

Biometric authentication uses unique physical characteristics like the face, fingerprints, voice or eyes to verify a user’s identity.

If you own a smartphone then chances are you’re already familiar with this method of identity verification – you could access your money from an ATM the same way.

EasyPay Cash executive head for Cash and ATMs, Patience Rolls, said biometric-enabled ATMs have a key role to play in promoting more secure retail environments and enhancing accessibility to financial services in South Africa.

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Eliminating ATM fraud

Despite the growing preference for online shopping and digital payments among consumers, Rolls noted that some people still prefer using cash.

“It’s essential to streamline and digitalise the experience for these customers rather than forcing them into alternatives which don’t suit their needs.”

However, Rolls explained that ATM fraud schemes such as card swopping, card skimming and Lebanese loop (use of a device which blocks the ATM’s card slot so any inserted card is apparently retained by the machine), were still common.

“The success of such fraudulent schemes depends on the criminal’s ability to get their hands on the victim’s card (or a cloned version) and their PIN code,” she said.

Unique physical attributes

“Biometrics can eliminate this vulnerability by replacing PIN code authentication with a unique physical characteristic of the cardholder, such as their voice, iris or fingerprints,” she added.

Biometrics like fingerprints are linked to a single individual and can be used without authorisation.

“Fingerprints are the biometrics authentication option of choice in South Africa because fingerprint scanners are accurate, robust and highly fraud resistant.

“They are a proven and mature technology that has been used for a range of use cases for years.”

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‘Cash and dash’

According to EasyPay Cash, the biometric functionality also enables cashiers to ‘cash and dash’, by allowing quick and seamless cash deposits

The company pioneered biometric authentication on its ATMs as far back as 2007 for child support grant payments.

“We enrol all 10 fingers of customers onto a biometric reader system, so that the customer can simply use a different finger if their print isn’t recognised.

“Customers are empowered to go to an ATM and be able to transact without using a PIN number, so they’re less vulnerable to criminal tactics such as shoulder surfing and card skimming. They also don’t need to worry about forgetting their PIN numbers,” Rolls said.