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That QR Code Could Become Your ATM

atm

You know how ATMs could be vulnerable to theft. In fact, consumers have been warned to carefully check if the ATM they are going to use is outfitted with a device that allows criminals to record their PINs while also copying information from their ATM’s magnetic strip.

Using the information you give them, the criminals can then empty out your bank account by creating their own ATM card and entering your PIN. This effectively beats out your bank’s security system.

What if we told you that there are plans to use a more secure system to handle your cash while still giving you the convenience of the ATM?

Diebold is now partnering with Wintrust Financial Corporation, FIS mobile wallet solution and Paydiant to let customers get money from an ATM straight to their mobile wallets. You will need to log into your mobile banking app, then go to the ATM and scan a QR code. The QR code will then tell the system whether or not it is okay to transfer cash into your mobile wallet.

Diebold is a premier ATM manufacturer. Paydiant will be handling the mobile wallet technology that goes through the cloud, while FIS will handle the processing.

But what gets simpler than feeding an ATM your card and wait for it to spew out cash? The move might be a complicated one but Diebold says that their research shows that millennials, or those people who are born in the 80s and 90s are open to using their smartphones to get their cash. What’s more, with more and more people in this demographic actually using mobile wallets, the move would make it easier for them to reload their mobile wallets.

This way, also, you could avoid getting victimized by skimmers, hackers and fraudsters. This is because you are not using your own card at the machine, just scanning a QR code. This would protect your card from being skimmed by criminals who could clean out your bank account in seconds!

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