Published on March 24th, 2017 | by Callib Carver0
Wells Fargo Launching Cardless ATM
Wells Fargo, one of the big names in banking, is launching cardless ATMs. Wells Fargo customers will be able to use their phone, in conjunction with a kind of two-step authentication.
Wells Fargo has an ATM network some 13,000 strong, with over 6,000 retail locations. Starting Monday, according to an article by Reuters, Wells Fargo customers will be able to use their phones for a cardless ATM interaction.
This news comes at a great time, as we’ve seen online or digital banks, like Simple or Ally, pop-up and begin to change the brick-and-mortar nature of banking. We’ve seen over the past few years banks adopt a technology, like NFC, to create or participate in various products like Android & Apple pay. Which is a feature that some of their customers want.
However what about security risk?
Wells Fargo has implemented a two-step authentication process, where users will have to enter an eight digit code, that’s generated by their mobile banking app. Then they will have to enter their pin. “Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud,” Jonathan Velline, Wells Fargo’s head of ATM and branch banking, said. According to Velline this would also element card skimming, which is a method used to collect card data when people swipe or insert their card.
Wells Fargo is also the first of the banking giants to roll out this upgrade, as Bank of America Corp and JPMorgan Chase & Co have already announced upgrades to their ATM network.
Will you use the cardless ATM feature? Do you hope this feature will come to your bank soon? Let us know in the comments.