Newer Technology May Be Replacing ATM Cards
Someone knows someone who has had their ATM number stolen and for many more than once. Your pin number can be recorded or "skimmed" while using an ATM anywhere.
ATM Fraud is a fast growing problem of nearly 550% in 1 year according to FICO. To fight the problem, this week according to Business Journal, Wells Fargo is upgrading all 13,000 of its ATM's nationwide, to process withdrawals using your Smartphone WITHOUT your debit card. This I'm sure is satisfying customers who are ditching their wallets and doing more on their phones.
Here's how it works according to NBC News:
- Download the Wells Fargo App on your phone.
- Request an 8 digit code that's unique to you and just for that transaction.
- Then enter that access code into the ATM, along with your PIN # AND GET YOUR $$$
The code MUST be used within 30 minutes.
Wells Fargo ATM machines will continue accepting debit cards as well. Chase and Bank of America are rolling out their own versions of cardless ATMs too.
According to Proofpoint Cybersecurity, if you lose your phone experts recommend you disable your device and RESET your bank passwords.