Passwords a Thing of the Past

  • Jan 04, 2008

One of the best credentials you have might already be located on your right hand, or perhaps the left. It’s your fingerprint, and it’s all yours.

The problem is that one of the country’s largest banks is facing its own challenges with ATM fraud. Citibank has employed fingerprint-activated, biometric ATM/credit card technology that will better defend against modern-day electronic thieves and fraudsters.

Citibank has taken steps to limit the cash amount its customers can take out of ATMs, apparently because the security of the machines has compromised by fraud. Bank officials would not provide details of ongoing security investigations, but did say they are working closely with law enforcement. Officials would not comment on the amount of the new withdrawal cap.

Citibank has partnered with SmartMetric Inc., which has developed an ATM card that may actually solve the security problems in what is now decades old ATM and credit card technology.

The true problem has been the banks. The companies haven’t kept pace with technology, and thieves have been on the front lines of innovation stealing whatever they wanted or could from financial institutions. In the end, it’s the consumer who actually pays the bill for fraud, with fees being passed along in higher fees and charges for bank services.

The biometric technology from SmartMetric will allow the ATM customer to places their finger on the card and in less than a second, the card scans the person’s fingerprint. If it is that person, the card will be activated. If it’s not the owner of the card, it won’t work. The card has an onboard battery and power management system, which works before it is inserted into the ATM or credit card reader.

This new biometric option seems to fit the bill to thwart the work of thieves and fraudsters who would make taking your money and assets their daily job.

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