Banks such as the First Bank of Nigeria Plc have been bringing in biometric-enabled ATMs in an effort to curb fraud and present customers with additional layers of security for their accounts beyond traditional PINs and passwords, according to a Next article.
While some other banks are looking at incorporating biometric security into their account access for customers, many others are not, but still investing time and money into other upgrades for better security of their customers’ account information.
Biometric ATMs have yet to be commonly seen in the U.S., however researchers, such as Mario Yanez and Annuar Gomez of the University of Miami, have looked at the implications of introducing biometric ATMs from a business standpoint and have concluded that financial institutions could increase volume of ATM usage while reducing transaction cost as well as increase overall revenues and the customer base.
Additionally, experts have projected the introduction of biometric security to ATMs as a worthwhile investment for banks as it will guarantee a reduction in ATM fraud that could hold the bank responsible for lost funds.
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