Chase ATMs go cardless

Fox Business ^ | 8/02/18 | Jade Scipioni

[Libloather]

Forgot your bank card? No worries. Chase has you covered.

The New York City-based bank announced that it has expanded its cardless access to nearly all of its 16,000 ATMs nationwide.

The new technology will allow customers to get cash through their phone’s mobile wallet without needing a physical debit card or an access code for authentication.

Users can simple “tap” their smartphone on the ATM to “easily and securely access money on the go.”

[Lurker]

“I used to have a Christmas Club account where the bank has to stamp the total in a small booklet by hand.“

I opened a Passbook Savings account in 1967 I think.

L

[bert]

Money is an entry onto an electronic ledger

Cash from an ATM is an obsolete form of money

[ctdonath2]

The thread is about no-contact RFID or NFC devices.

[Does so]

What could possibly go wrong?

[palmer]

The comment I replied to was about credit cards which have contacts (or if not, they have an inert magnetic stripe)

[P.O.E.]

My childhood passbook was where I learned about debits & credits. Wasn’t until my college accounting classes that I realized they were from the bank’s point of you.

In other words, a credit to my account meant they owed me money.

[P.O.E.]

point of view. sheesh

[Williams]

Everything you think do and say, is in the pill you took today ....

[mac_truck]

I used to have a Christmas Club account where the bank has to stamp the total in a small booklet by hand.

My first bank account was like that....and the interest on savings was 5.25%!

[HombreSecreto]

Or stolen/robbed. This is a really bad idea.

I know! Let’s just put a chip in your hand and you can tap that on the ATM and get cash!

No, wait.

Just tap your hand and get what you want.

Who needs cash, right?

Hmmm...seems I’ve read something about a scheme like this and it wasn’t really that good an idea to get caught up in it, if my memory serves.

[Right Wing Assault]

You can still always utilize your mattress to keep your cash.

The mattress gives almost as much interest as the banks do.

[TexasGunLover]

Ooh. I know. Let’s put a CHIP in PEOPLE. Problem solved.

Not necessary, as long as people carry a phone (smart or dumb).

[TexasGunLover]

I watched a presentation by a former hacker who now works for Microsoft. He asked if anybody had a new credit card with a chip. Several people stood up. He pointed a device at them and told them their names and (if I recall) addresses. He said, the problem with the new security feature is they never ran it passed a hacker. “Give a person a portable phone and they say, ‘great, I can make calls.’ But give a portable phone to a hacker and he says, ‘gee, I wonder what else I can make it do.’”

Track data is not, and has not been encrypted for years. No different with NFC.

[TexasGunLover]

That's BS. A chip card is dead without power and power can only be applied at the chip contacts. Power cannot be directed at the contacts without frying the subjected person.

Chip cards still have magnetic strips. Track data isn't encrypted and never has been.

[palmer]

Magnetic stripes can’t be read at a distance either The only possible distance reading is RFID or NFC. The ATM probably uses the phone’s NFC like stores do. That’s an active system, not passive, so it requires the owner running the app to do anything.

[wally_bert]

I’ve been carrying an RFID wallet for a few years.

[FXRP]

That serves to confuse most accounting principles students.

[Campion]

Let’s put a CHIP in PEOPLE.

I have bad news for you. The chip is completely passe. Between facial recognition, iris scans, and electronic fingerprint scanning, you can already be identified with something approaching absolute certainty. The "chip" is already in your body; you were born with it.

[Elsie]

...electronic fingerprint scanning...

Can DNA from a touch sensor be far behind?

[TexasGunLover]

Magnetic stripes can’t be read at a distance either

That is incorrect. Just like with Loop they can be read at a short distance.

I manage a large retailer's POS development and have for many years. Way back all the way through our full P2PE solutions...