Blockchain-based identity authentication platform, ShoCard and Alhamrani Universal are developing a blockchain powered biometric ATM for the Middle East market.
The biometric ATMs will enable consumers to use their blockchain-based App and faces instead of PIN numbers at ATMs.
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Moreover, ShoCard says that the blockchain powered biometric ATM will solve the issue of card fraud at ATMs.
Alhamrani Universal is Saudi Arabia’s largest ATM provider. It says it is the first technology provider to develop a blockchain powered biometric authentication ATM compatible with local banks.
In particular, the ShoCard powered ATM uses five-factor authentication to communicate across banks. It uses blockchain to confirm an individual’s identity without accessing the bank’s database. The prototype is currently undergoing testing and is likely to be rolled out in production soon.
“The ShoCard solution will solve the issue of card fraud at ATMs that continues to plague banks and consumers. It fits nicely into existing ATM technology, which usually already has a camera installed. This makes the customer experience as seamless as possible. At the same time, it utilises blockchain technology to protect individuals’ identity while confirming the information that banks need to verify that a withdrawal is legitimate,” says Armin Ebrahimi, founder and CEO of ShoCard.
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By GlobalDataATM fraud continues to plague banks in the region.
Blockchain powered biometric ATM: five-factor authentication
ShoCard says that its solution closes the door to ATM scams by introducing biometrics as part of a five-factor authentication process. This includes the ShoCard ID, a QR Code, timestamps, session IDs and other certifications methods by which the user is verified including selfie IDs.
“We’re delighted to be working with ShoCard to develop a blockchain-based biometric ATM. This will play a major role in helping to reduce fraud for consumers. Digital transformation is a key pillar of Saudi Arabia’s Vision 2030. Collaborating with trusted technology partners such as ShoCard allows us to offer solutions that meet ever-growing demands for innovations,” says Tariq Abdat, CEO of Alhamrani Universal.
At the same time, ShoCard is working with major international banks and other financial institutions to build a blockchain-based financial ID. This uses the ShoCard Identity Management Platform with key focus on user privacy and higher levels of security.
