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Stacy Cowley (NY Times, ATM Cards)

Feb 17, 2017|

Stacy Cowley (NY Times, ATM Cards) by The Financial Exchange

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This segment of the financial exchanges brought to you by zero. If you're landlord take advantage of 08 fully automatic online red collection tool. That is free from landlords with an account and be participating bank and always free for tenants sign up and have rent checks deposited directly into your account. Call 8776917900. Or visit C race. Dot net. We're now joined by Stacy how only of the New York Times to talk about. Well looks like the demise of my wallet I Stacy Carey. So talk to us about what banks are doing that. From what I read I gonna make wall it's even more obsolete than they already are. That's what they're aiming towards out. You are a number of major banks including bank and act as well aren't out. I'd deploy the technology that we'll let you use your mobile note instead of humor it's yet art and each yeah it's something a lot of bank. And then when I ever hear that the here by the age are actually ready to call it out. How does that work I am just thinking mechanically. I like I have credit cards on my full. And I just put those credit cards in front of the the reader and the at the store which not that many have but I knew I had used it on occasion how does that work in this instance with the AT. Actually one of the challenges for the industry is that the couple. And the and then a number I think that is seen at the one you mentioned. Call at a C uses a chipping apparently in the and the leader any but the together and work that way meg and acted at the and then several others are a pilot got out there. By the time. There are delayed that Hitler used the bank mobile app. And up that he did that and that it was and you identity happen that fact that it's a one time long string of numbers that you add to that he yet. Be it and that's the back into the market require companies that are where are your vote on it yet but steady double bye and do it. It's something that some reason it's that there's a lot of experimentation going on our. You know it it occurs to me ill Stacy why would they be investing so much money in ATM cards when. Nobody uses cash anymore I mean tat the use of cash seems to be decreasing every year. Definitely is but I need it because they'll do that let you and ask little thing salad Ali and they'll inspire it will be some people. Stacey what's the yup progress on now biometrics things like common fingerprint. Palm print eyes things like that how how close are we seeing those on ATMs can it seems to me that would be the type of thing that someone can't really fake he's. And give an experiment where there was a lot. They are actually at major bank chain but no that isn't all. On the inner. And a packet acted upon being either. Kept making up about is that even. If I. Hear about it. There is now. Of people and the banks are leery of but it is get compromised within very rare but it happened. At least I haven't eyeball and fingerprint. There that's an. All out. What what are the small banks gonna do I'm thinking about the you know. The credit union that has two branches that would occur to me that this technology must be out of sight in terms of expense for small bank. Yeah I want. You think that they support that it was a very simple without it the popping seen in the west but actually isn't about three they that they and the numbers that are expected to try to make it out of our. To them. The that that there are a lot of and yet where I'll about how. Are we aren't owned by an independent one. Common though and operated and been where I am trying to decide what I'm potentially worth it for them to go without. But evidence relating to whether this is something that play out like a parent of weather and more. We're about security risk. Now that's now. I mean and staying the abdomen or the back and wanted to use it for not a fire people and what that what is it and they have had. They Europe but they've made in there and that they think that they can out there has the hype about. That. Someone used the I was spent developing clean thousand dollar out of their out is that something that the banks are definitely keeping a close eye on it and work on at. Stacey you mention in your story about iris scanning technology. And that somebody figured out how to beat that how did they irises your high rate is so right you're checking in and the computers reading your rise. But somebody figured out how to beat that. Yeah of yet at all but it are expected in the lab have been able to figure out. Based about the deep the iris patterns and what you know and I was and then their lab that's something that we haven't seen happen in the real world yet but it certainly something that. Security researcher at that but hey that is theoretically possible VP we are all buckle in the kind of thing out. Very good Stacy thank you very electric time we appreciate it. Stacy Cali New York Times and I Italian I. I ate at a really care about the technology has never used cash in and trying to understand why Bank of America are JPMorgan Chase would spend. Dollar one. On this technology. Because. I I just stilts he. Much use for cash in society. Go up five or ten years ago he's cashed lightly like imagine how you know what their actual society will be tenure. Keep in mind there's still a lot of people that do use cash and there are a lot of their transactions. OK we have stores that are saying no more cash we covered that yesterday you got on but they're still in the minority. You know it's it's a very small amount right now catch that makes up 40% of consumer trans act you're kidding. Now with your source this is from a only see where this studies coming from actually. At the website but the study is roms CNN. The DC PC from the Federal Reserve it's actually good and pretty 40% of transactions. Yes so 40% of transactions but the value those cash payments is only 14% so it's a lot of smaller purchases okay. Then you've got 7% of purchases that are made by check I don't know. Who that is I'll be completely. 17% you know who that is the person in front of me the growth for. Companies for growth Ali grandma grandpa who. It's all out. If it whenever I go to the grocery store it's roars in front and it's wrong I anchor groceries with Jack he's wrong it's wrong. Anyways moving on our credit accounts for 17%. Of transactions via debit is 25%. And then 7% as electronic through mobile payments and things like that debt that makes sense to me because that people that are saying we have to live within our means. And I don't wanna give credit card built into the but there's no fraud protection. Debit cards you have no fraud protection so someone takes that car deals that account or anything you do not of the the proper text that you want credit card. But it's it's pretty interesting out into breaking down there when it's all said and done so what did you say 14%. Of the dollars spent. And our cash 19% it acts that might include things like rent payments and things like that. That's where that may be included 16% of the of value using credit cards 18% debit. Point 7% electron I can go weeks without using. Like I can too but it's it still is more common than you think the big threat down the road when we talk brought wise. Online purchases. That's were all of the all of your views are moving at this point but could you don't have the safeguards there that you do like with the a chip and pin. Actually had that happen you know with somebody did lose the opened up a cellphone account. Yeah packed our our AT&T yup this is just a week ago Lewis and winds are cellphone bill suffice comic actor counts of debt that's an open up a new cell phone via the online fraud is where you're seeing all of the activity these days you darn we don't.