Published on : Jun 01, 2015
In another attempt to reduce its dependency on foreign technology, China has upgraded its ATM security system to install facial recognition technology. The technology will eliminate the requirement for PIN numbers in ATM machines. Tsinghua University in Beijing, partnered with a Hangzhou-based security firm, Tzekwan Technology, to develop the prototype. ATM machines with the prototype are reported to be 20% more accurate than the ATM machines used across the globe. The innovation is expected to boost China’s image as technologically advanced and industrialized nation. According to Gu Zikun, the chairman of Tzekwan Technology, the new technology is the best solution to reduce crimes related to ATM in China as well as in rest of the world.
Due to concerns related to privacy invasion, facial recognition technology has not been used widely in other countries. China has set an example by informing the public beforehand regarding its efforts to develop the new security system. However, the latest development in the technology raises questions. The collection of the vast facial data of the users would be a Herculean task. It has not been clarified that who would collect this mammoth data. Also, concerns about the manufacturing of such ATM machines along with their effectiveness have been raised. Though the concerns have not been yet addressed by the government, it is expected that this new technology would revolutionize the bank security systems. No final date has been decided yet for the integration of these technologically advanced ATMs with the other ATMs.