New CHASE Card-less ATMs : A Step Towards a Cashless Society?

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In recent years, there has been a lot of hype about having a cashless society whereby transactions can be done through digital means. Financial institutions have been on the forefront and have made considerable strides technological innovations in a bid to actualize this. One such technology in the financial sector is the so-called card-less ATM. In this system, your smartphone will replace the traditional credit cards and debit cards.

Some say that is a step forward for the financial sector. However, as we will find out, this new technology also gives a leeway for thieves to steal from customers. It is also seen to be one of the major steps towards actualizing the mark of the beast.

chase1In terms of exposing customers to a risk of fraud, we have reports of thieves reaping a lot of cash from unsuspecting customers. Even worse is the fact that the card-less ATM technology places the customers on the crimes scene hence disputing may prove to be challenging. Therefore, it is just natural that someone can wonder if this new system is as secure as said or is it yet another system that is going to put people’s money at the mercy of fraudsters.

There have been some reports of the system being hacked. One such report is that which was made by Krebs on security. The report highlights the fact that the system puts customers’ passwords and usernames at risk of being stolen.

The report features the predicament of a customer whose $2,900 was taken from her account without her knowledge and consent. Someone just stole her password and username and used then accessed her account to make the withdrawal. The thieves used her stolen credentials (password and username) to add another phone number to her account, move her money from saving account to checking account and then made the withdrawal at the ATM. The report goes on to highlight the banks in the USA that have started rolling out this new card-less ATMs, for example, Chase.

In the case of chase bank, customers have to link the app on their smartphones to their associated bank account at the bank. The app on the smartphone can then be used to convey to the ATM the amount of money a given customer desires to withdraw. The app then creates a distinct seven-digit code, which the customer then enters in the ATM. In some banks, instead of using the numeric code, a unique QR code that is read by a scanner fitted to the ATM is used. Once the code has been verified, the money is then dispensed and availed to the customer. The whole of this process doesn’t even require the client to enter their ATM card PIN. How insecure is that!?

chase2When asked about the reports of fraud, Chase bank’s spokesman Mike Fusco said investigations into the matter revealed that she was a victim of a group of individuals specialized in such fraudulent activities, especially with regards to the card-less ATMs. He further said that the scammers were apprehended by authorities concerned, trying to empty other accounts in a similar way as that highlighted by the report by Krebs On Security.

He echoed the fact that in a pilot test, the bank allowed a small number of customers to access cash in their accounts without the use of ATM cards. It is during this test that they noticed some fraudulent activity. They noted that there was a group of scammers who would change customers’ credentials and get access to their accounts. Fusco also said that Chase had since made changes and taken the necessary precautions to ensure the safety of customers’ money from potential scammers. This also included the lowering of the limit of money that can be withdrawn using the card-less ATMs.

Most banks view the use of card-less ATMs as a way of reducing credit card fraud associated with the traditional credit cards offered by banks. However, fraud analysts have disagreed with this notion. In fact, the analysts noted a spike in scamming just as that experienced in the onset of the Apple Pay service.

Litan Avivah, who works as a fraud analyst at Gartner Inc. said, “Identity proofing remains the weakest point in mobile banking, asking for the customer’s username and password to an onboard a new mobile device isn’t enough.” She also points out that Chase should also require customers to enter their PIN for transactions and that transactions should be well guarded against fraud.

Another concern surrounding the advancement as card-less ATMs is the fact that such a technology could be one of the markers in prophetic history for the last days that is, the dreaded mark of the beast. This explicitly stated in the book of Revelations 13.

Revelations 13 states that the mark of the beast will be placed on the foreheads and hands of those who choose to worship the beast. Without the mark, none would be able to buy and sell. Hence, with such a technology in our hand, we are not only worried about the security issues but also, the fact that we are just getting closer to the point where the mark of the beast will be rolled out!

This is not a light matter. This card-less ATMs could pave way for a cashless society which will then pave way for a one world monetary system and a united world currency. This an agenda of the new world order. Well, while some may argue that this is great technological advancement, serious questions still remain.

Is the cashless society a sign of the end time?

Is this new system really as secure as it has been said?

Who is set to benefit from this new system

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