In a move that could reduce the risk of theft, Chinese researchers from Tsinghua University and Tzekwan Technology have developed an ATM with facial recognition. Developers believe that this technology will curb ATM-related crimes by allowing only cardholders to withdraw money, even if someone else knows the password.
The machine has a camera which compares the person’s face with the photo ID stored in its database. Cash will only flow out if the person’s face matches with the photo ID. The product has been passed by the authorities and will soon be available for sale. The machine combines high speed banknote handling, improved counterfeit bill recognition and facial recognition. It is wholly developed in China unlike the present ATMs which are imported.
The ATM also allows currency exchange and records the serial number of every note deposited by customers to identify fake currency notes. These ATMs will be connected with the country’s banks and public security networks. Critics have however raised concerns regarding threat to privacy and accuracy.