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Future ATM card will have a fingerprint scanner

Need Knowledge 2018-05-15 14:00:19

Future bank card will have a fingerprint scanner built-in

With personal fingerprint technology continuing to take off in the realm of digital security – especially in the case of smart mobiles – it’s no surprise then that credit card companies are beginning to dabble in the technology as well. Enter MasterCard, who is now testing that very same technology on their credit cards in South Africa.

Biometrics is a way to make cards more secure to a large part of the planet that may not have access to smartphones today," says Peter Hahn, dean of the London Institute of Banking and Finance. "But you'd really wonder why someone who has a smartphone would need this."

Here’s how it works. Each card is encrypted with your digital fingerprint so when you go and make a purchase, the card will then authenticate your fingerprint from the bottom right sensor on the card with the digital one that’s already been stored. If the prints match, then the purchase is authorized. The intended goal here is for the biometric sensor to take the place of a pin number or chip, further securing your credit card and financial information from nefarious individuals. Will the tech make it out of the testing phase and into the market? Only time and more testing will tell. Next up…Europe and Asia Pacific.

Biometrics are a positive step forward for banking security – which has moved from written signatures to chip and pin – but is unsure if the technology is needed everywhere in the world. For multiple years, it has been possible to pay with smartphones, wearable devices and contactless cards.

Hahn adds: "Part of it is, is this about plastic trying to assure its viability when we really should be questioning why do we need plastic anymore at all? We've already got that step of security in a mobile."But regardless of how much they're essential, biometric cards offer some benefits. There's the potential for card PINs to be stolen from databases by hackers. As far back as December 2013, there were attempts to steal credit card identification numbers.

Ultimately, payment companies are continuing to develop biometric bank cards and trials are getting bigger. At their very least, biometric cards will offer a slightly more convenient way to pay, but they may also evolve with increasing use of fingerprint technology in other areas of people's lives. As Berg says: "People forget their PINs but very rarely do you go out without your fingers."