A firm in China has revealed their latest product development, an ATM machine that uses facial recognition to identify and verify customers, rather than a traditional PIN number.
The new ATM has been developed by Tsinghau University in co-operation with Tzekwan, a Hangzhou-based technology company.
It’s got a camera installed that captures facial features of the user, comparing these features with a customer photo ID database. According to developers, the technology is advanced enough to recognise users even if their facial features have change substantially.
Chairman of Tzekwan, Gu Zikun, said that the machines will be coming to market soon, although it remains unclear how it will collect customer facial data and by who or where the machines will be manufactured.
Gu thinks that the new ATMs will help law enforcement to more easily cracked down on financial crimes, as the machines not only prevent thieves from accessing people’s accounts, but also record the serial numbers of each bank not deposited, cracking down on the depositing of counterfeit notes.
The new machine is apparently 20% more accurate at verifying the authenticity of withdraws across multiple currencies compare with the global average of existing ATMs.
The technology is has so far not make any significant headway due to cost and security concerns, questioning the new ATMs viability.