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What if ATM transactions could use 2FA to prevent fraud?
The ATM is one of the most convenient ways to access cash. However, it is also one of the most common places for fraud to occur. This cost banks and consumers millions of dollars.
One way to reduce ATM fraud is to use two-factor authentication (2FA). With 2FA, a user would need to provide not just their ATM card and PIN, but also a second code that is generated by their phone or other device. This code would need to be entered before a transaction could be completed.
While 2FA would not remove ATM fraud entirely, it would certainly reduce it. This would be a win for both banks and consumers.
What is two-factor authentication?
Two-factor authentication (2FA) is an additional security measure that can be used to prevent fraud. With 2FA, a user would need to provide not just their ATM card and PIN, but also a second code that is generated by their phone or other device. This code would need to be entered before a transaction could be completed. 2FA is not a new concept. It has been used for many years in other industries, such as banking. However, it is only recently that 2FA has begun to be used at ATMs. Banks have been slow to adopt this measure because of the cost and inconvenience it would impose on customers. However, as ATM fraud becomes more…
