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 | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. |