Diebold is hoping to bridge the gap between its 20th century ATM technology and the modern era's mobile obsession with a new "millennial-inspired" machine that lets users make cardless transactions with their handsets.
It's good to finally see some real innovation in the ATM space!
The use of one-time codes to replace static 'secret' PINs and possibly even one-time customer identifiers to replace static 'secret' PANs is one of the best ways of securing consumer transactions moving forward.
It's good to see some of the secure features that are already used by many of the mobile payment providers slowly making their way into the more established segments of the payments industry.
Dear Oscar - in my mind this mobile phone atm service is still based on static pin or password but the customer does the pin on the mobile phone to open up the application and possibly to approve a withdrawal instead of keying it on a secure pin pad. There
is then the risk that a stolen mobile phone can be used to empty my current account on top of making expensive calls on my subscription account if the cash withdrawal application is not protected well enough. Since smart phones are reasonably theft prone this
could be a serious new threat.
I remember NCR doing something like this last year. As a security boosting measure, this is a solution seeking a problem. While it plugs one arguable vulnerability, it introduces other concerns, as @Jan-OlafB points out. However, if the recipient doesn't
need to have an account in the same bank as the sender, this is a highly convenient realtime P2P payment method.
CompetitiveNew York City, NY (USA)
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