Citibank card holders might be interested to know about a story from the New York Daily News that’s reporting that Citibank has recently put limits on the amount of cash its card holders can withdraw from local ATM machines, reportedly because of some major issues with fraud.
Citibank is being tight lipped about the ATM cash withdrawal limits saying, “Though we can’t provide details of ongoing security investigations, we are working closely with law enforcement on this matter.” The company wasn’t even willing to provide information about how much money the company was now allowing to be drawn from ATM’s.
As a result of this news, SmartMetric has reminded the world of its new ATM card technology specifically designed to help solve this specific type of security issue, which does not require the use of passwords. The SmartMetric technology requires the fingerprint of the card holder, not a password, in order to be activated. By placing a finger on the card, it’s capable of scanning and then activating the card in less than a minute. If the fingerprint doesn’t match, the card doesn’t work. In addition, the card has its own built-in battery and power supply, allowing it to work independently of the ATM machines.
Although this new card design still hasn’t been picked up by any credit card companies, SmartMetric will begin field testing it with a variety of financial institutions early this year. These cards sound great in theory. It will be interesting to see how they really pan out.
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