Money available at your fingertips

Nick Verhaar
Technology using fingerprinting as security was, until recently, something people could only see in futuristic movies. The technology is being developed and slowly accepted as a suitable form of security and has now evolved so far that it is considered reliable and cheap enough for widespread use across the globe.
Colombia’s Bancafe Bank has recently begun upgrading its automatic teller machines to allow customers the option of withdrawing money from their accounts simply by using their fingerprint and a personal identification number.
This method of banking is far more convenient and allows customers to withdraw money at any stage, even if they do not have their account card on them.
Also, as every person has a unique set of fingerprints, fingerprint technology means that nobody other than the customer is authorised to withdraw money from their account.
The idea behind fingerprint and other biometric technology is not necessarily targeted at doing away with cards and current technologies, but more towards raising the level of security.
If we are to adopt a form of identification such as this that cannot be lost, stolen or forgotten, it is inevitable we will see a massive fall in bank and credit fraud.
Technologies such as this are also far more convenient and beneficial for end users as they are able to identify themselves wherever and whenever necessary, regardless of what they are holding in their possession at the time.
If it proves to be successful, it is expected Australia’s banks will introduce some form of fingerprint-driven banking system, and possibly other similar forms of technology.