Since the introduction of ATMs in the banking industry, convenience banking has never been better. Some challenges however have faced this technology with the most common being security issues. So long as a person gets their hands on your ATM card and your pin, they can sweep your bank account clean and walk away without detection.
There have been many attempts made in dealing with this including installation of security cameras in ATM lobbies but little has been achieved in curbing it. The newest is the introduction of face recognition technology at ATMs. Will this be the breakthrough the banking industry has been waiting for in finally overcoming thefts? Or will it be another great idea that is simply not feasible?
First, here is a quick look at what this face recognition technology is all about. It is a technology in which a machine with biometric authentication capabilities will be located alongside all ATM machines.
This biometric authentication machine is tasked with identifying the features of the person withdrawing the money and matching them with those on a predefined database so as to confirm the identity of the card holder. This is done by scanning facial features such as the iris, eyes and others. If the person attempting to withdraw is not recognized as the same as the one in the pictures used for registration, the transaction is denied.
What if someone receives a face lift? Will the machine still be able to recognize him or her? How about identical twins or look-alikes? Can it tell them apart? What of differentiating between a photograph and the real person?
These are some of the challenges this new technology is facing. The very best companies in designing such technologies however promise that their machines will still be able to recognize a person in case of any changes to their face. This however is not guaranteed and you could end up walking into an ATM lobby and leaving empty-handed when your request is denied.
When it comes to matters of security, this is a big concern in money matters. Facial recognition technology will definitely revolutionize this by offering guaranteed identification. You can be assured therefore that with this technology in place, your money will be very secure as only you can be able to access it.
The use of this technology is not expected to be a stand-alone ATM bank security system measure. It is fully integrative with all the measures currently in place including security cameras and unique pin codes for accessing money on ATM machines. It is only meant to enhance what is there currently rather than replace it fully.
As with any new technologies, there are bound to be some challenges with its functionality and implementation. At the very top of this list is the cost. This technology will definitely be very expensive to install and manage but with the advantages it offers the banking industry it is definitely worth a try.
Its feasibility is guaranteed as similar technologies have been employed though in small scale. There are many phone and pc applications that use face recognition to allow or deny access. Their success stories are expected to resonate when this technology is launched in banks in the near future.
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