Innovative developments in biometrics technology have given financial institutions a chance to make ATM facilities more secure and convenient. Developing economies are leading the way in its adoption, but experts believe it won’t be too long before banks across the globe embrace it.
In April 2014, the Federal Financial Institutions Examination Council (FFIEC), an umbrella group for US financial regulators, warned the country's banks of a new wave of automated teller machine (ATM) robberies using a combination of cyber-attacks and stolen account details.
Termed ‘Unlimited Operations' by the US Secret Service, since the perpetrators were able to extract money beyond account balances and withdrawal limits, this new style of robbery put the banks at risk of losing large amounts of cash. In an instance provided by FFIEC, an attack that caused the loss of $40 million was done using just 12 debit card accounts.
ATMs, since their introduction to the financial industry in the 1960s...