Wells Fargo to let customers withdraw cash using smartphonesMarch 24, 2017 - 11:41 AMT PanARMENIAN.Net - Wells Fargo customers will soon be able to use their smartphones, rather than their cards, to withdraw money from the bank’s ATMs. The company announced that as of Monday, March 27 next week, it was upgrading all 13,000 of its cash machines across the United States with smartphone functionality, requiring that customers provide only their PIN and an eight-digit code (generated from the Wells Fargo app) to access their accounts, The Verge reports. Both Bank of America and JPMorgan Chase also have similar technology in the works, but Wells Fargo’s move makes it the first major bank in the US to roll out cardless cash withdrawals at its ATMs. The company trialed the project at select locations earlier this year, and says that it should provide more security for customers, as well as more convenience. "Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud," said Jonathan Velline, Wells Fargo’s head of ATM and branch banking. Two-step authentication is not a perfect security method, but Velline said it should help cut down on the methods currently used by criminals, such as credit card “skimming” devices inserted into ATMs. The shift to digital may also help the bank regain some of the luster it lost last year, after it was discovered Wells Fargo employees had created two million fake accounts to bolster their sales figures — a revelation that reportedly reduced the number of customers opening accounts with the bank, The Verge says. Photo. Justin Sullivan/Getty Images Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |