The Wall Street Journal | By: Telis Demos | July 9, 2017 7:00 a.m. ET:
Big banks start rollout of machines that could be accessed with customers’ biometric data via a smartphone.
In 2015, Citigroup Inc. C 0.41% began testing an ATM that would scan a customer’s iris and make four-digit access codes obsolete. Two years on, Citi has quietly shelved the project.
Among the reasons: the cost and complexity of collecting and managing millions of customers’ biometric data. A large database of biometric data is also particularly juicy target for hackers.
“If I steal your password, you make a new password,” said George Avetisov, chief executive of HYPR Corp., a banking-technology startup. “But how do you make a new fingerprint?”
Perhaps as a response to that issue, banks are taking a different tack on collecting biometric data. They aim to use the information to replace personal-identification numbers and passwords, but are relying on customers to store and safeguard it themselves—via their own smartphones.
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