ATM Cards Can become Safer Through Aadhaar Card-based Authentication
The Reserve Bank of India (RBI) in September, 2016 advised banks that ATM cards should have features that enable processing payment transactions using Aadhaar-based biometric authentication.This move will come into effect from next year keeping in view the increase in number of Aadhaar card holders.
Recently 19 banks were affected by a cyber malware. Banks were forced to block ATM cards due to the data breach.The Aadhaar card-based biometric authentication uses two-factor authentication mechanism. This means that the PIN number as well as biometric scan of the credit or debit card user will be needed to complete a transaction.
In the future, ATMs may require the user’s fingerprint or retinal scan. Linking your Aadhar card to your bank account will help ensure safe transactions.The new ATMs that require Aadhaar card-based biometric authentication may be ready by next year based on RBI guidelines.