Banks use smartphones to foil ATM skimmers

TRANSCRIPT: I have some really exciting news for you, you know one of the worst forms of account take over fraud is criminals ease at breaking into your checking account, stealing your debit card number. They may do it with a device called a skimmer that they hook up at pay at the pump at a gas station or an ATM or whatever.

But, what if you didn’t have to have an ATM card anymore and you had a secure way of getting money. Well now a midwestern bank, Harris is adopting a system that’s been tested in other countries where you use your smart phone to withdraw money from an ATM instead of using plastic that is so easy for the criminals to compromise. Let me tell you it’s a mess when they get into your checking account and run off with your money and you have fight with your own bank to get your own money back.

So, being able to use your phone as a secure way to get money from an ATM is far safer than this piece of plastic. Other things that you are going to see in the next year or two, where your eyeballs are used to authenticate you at the ATM before you can get money.