ATM banking with facial recognition debuts in China
China’s Tsinghua University and Hangzhou-based Tzekwan Technology have designed and developed the world’s first ATM that features an embedded facial recognition feature, according to a report by CRIEnglish.com.
The new ATMs will be linked with banks and local police offices to curb identity fraud and theft-related crimes, ensuring that no one other than the bank card owner will be able to withdraw money, even with the correct password.
The ATM features a facial recognition camera that takes photos of the person attempting to withdraw money and matches them against ID images of users for biometric verification.
Using big data technology, which is capable of identifying biological characteristics, the ATM will be able to correctly identify the cardholder even in the event that his or her facial features have changed.
The machine will also record the serial number of every note that the client deposits in an effort to identify counterfeit bank notes.
Based on testing, the ATM has been 20% more accurate in identifying and verifying the authenticity of multiple currencies than an average ATM used globally.
Additionally, reports say the ATM is able to process transactions faster than other ATMs.