ATM Smartphone App Promises Convenience, not Safety.

Major US banks move towards card-free ATM  access.
ATM Smartphone App replaces the plastic access card.
Will this make ATM use safer for us or just for the bank?

A phone app makes you look at two screens now instead of one

Interview by Aaron Smith with CNN Money.

Podcast Time Stamps:

[01:50] -- Interview begins with Aaron Smith - CNN Money.
[02:00] -- Must login to ATM Smartphone app to obtain new account code.
[02:12] -- Customer must enter 8-digit App code and PIN code into ATM.
[02:59] -- Banks are concerned with losses from fraudulent ATM card use.
[03:40] -- Physical robbery risk in front of ATM machine is unchanged.
[04:40] -- ATM Smartphone App may give a false sense of security.

Will a smartphone app keep us safe at the ATM?Tweet This
ATM Smartphone App - No Personal Safety Features Yet

Must own an updated smartphone and be tech-savvy to use the App.
A smartphone App does not lower robbery risk at ATM machines.
ATM robbers don't care how you get the machine to spit out cash.
Need to enter an 8-digit smartphone account code into the ATM keypad.
Keypad entry errors can cause more delays than the current card system.
We still need to enter a PIN code when prompted by the ATM machine.
We still need to view the ATM screen menu to make transaction selections.
Smartphone App requires you to focus on two devices instead of one.
Robbers might prefer that you use an ATM Smartphone App.
ATM robbers can steal your smartphone phone as well as your cash.
ATM robbers stealing smartphones will inhibit fast 911 call reporting.

ATM Smartphone App Future Opportunities

It should greatly reduce the risk of fraud losses for the major banks.
The adoption of NFC* could shorten the time in front of the ATM machine.
A bio-metric eye scan should reduce keypad or screen interface time.
NFC and bio-metrics could drastically shorten time at ATM Machines.

* NFC - Near Field Communication - ATM machines will recognize your phone when in close proximity or by tapping an ATM sensor.

Related ATM Smartphone App Articles and Podcasts

ATM Security - 10 Things ATM Robber Don't Want Victims to Know
Bank ATM Machine Late Night Use Advice Article 

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