To reduce the risk of theft,Chinese researchers have developed successfully the first automated teller machine ATM with facial recognition technology.The new ATM, built by team from Tshinghua university and Tzewakan Technology, has cameras that will capture images of the faces and compares them with the ID photos for the verification.
- Apart from the Traditional password or PIN access funds with a card, facial recognition would be added layer of identification.
- To further increase the security, ATM would be linked to banks and local police offices.
- New ATM comes with enhance counterfeit bill recognition and high-speed bank note handling.
- This is also China’s first independently produced ATM ever.
- Imported technology forms the backbone for other ATM’s in China, whereas this version is totally Chinese based.
- The new high tech ATM purportedly identifies and verifies multiple currencies more accurately than the world average ATM by above 20%.
- The prototypes of such cash vending machines have been worked on for many years by the likes of Hoyos Labs, Security plus Federal Credit Union In Baltimore, though the facial recognition ATM is being recognised as first of its kind.
- These biometric ATMs are not used in countries like USA due to their high cost and concerns regarding privacy issues.
- This comes a week after the state launched ” Made in China” campaign, whose aim is to transition the main land from manufacturing hub for low-end goods to high-quality products in 10 years of time.
- Fingerprints authentication based cash machines come up in countries like Chile and Columbia.
About Automated Teller Machines ( ATM )
- ATM is an electronic telecommunication device, that helps the customers of a financial institution to perform cash withdrawal.
- A plastic ATM card with magnetic stripe or a plastic smart card with a chip that has some unique card number helps in identification of a customer.
- The first mobile ATM was introduced by ICICI Bank.
- World’s first ATM was installed in 1967 in London,UK.
- John Shepherd- Barron invented world’s first ATM.