In recent news, a financial company called FIS is promoting a new way for customers to get cash through an ATM without the use of a debit card or credit card. FIS has built a mobile application dubbed “Carless Cash Access,” that has been tested by a few banks. The banks plan on opening the service to customers in 2014, and FIS has declared the new system is safer than using an actual card.
Personally, I think this is just plain stupid and careless because the person using the app still has to show up to a local ATM and pick the cash up from the machine. I just do not understand the point of withdrawing money via the mobile app then having to go to the machine and receive cash through the machine anyways. I think that a mobile like this is bogus, and I think downloading this app would be a waste of storage on a mobile device.
Now, in the article, the argument for having a cardless ATM is that there is no “card skimming involved in the process. Card skimming is basically the act of placing a small hardware device on an ATM’s card scanner in order to copy information from the card. I think that this is a valid excuse to have a cardless ATM, but because card skimming hardware is difficult to install, this makes the cardless system useless.
Because the cardless system avoids “card skimming,” it does not mean that having your debit card or credit card info on your mobile device is a safe idea either. The article argues that with the implementation of the cardless system that hackers will strive to infiltrate mobile devices in order to get access to debit card information. I believe that this is definitely true because the app would just make sensitive information much easier to access on a mobile device. Even though the app has a username and password system, hackers will no doubt find a way to bypass and break the app in order to take advantage of such a useless mobile app.