Banks are improving ATM authentication mechanisms in an effort to prevent fraud, but cybercriminals have already started developing the tools and techniques they need to bypass these modern security systems.
One increasingly popular authentication method involves biometrics, which includes voice, fingerprint, iris pattern, palm geometry and facial recognition. Some major banks have already started rolling out such systems, including HSBC, which recently announced selfie-based identification, and Barclays, which introduced voice-based authentication. A survey commissioned by Visa shows that two-thirds of European consumers are ready to use biometrics for making payments.
However, cybercriminals are already working on ways to bypass biometric authentication and experts warn that there are certain disadvantages to this new system.