China develops world’s first ATM with Facial Recognition Technology
Researchers from China have successfully developed the first automated teller machine (ATM) with facial recognition technology.
The machine has unique security feature which does not allow users to withdraw cash unless their face matches their facial ID.
The first of its kind ATM was developed by researchers from Tsinghua University and technology firm Tzekwan.
- The machine has a camera installed in which captures the facial features of the user and then compares it with photos stored in a database for authentication.
- Its technology and software looks at biological features of person and has potential to identify people even if their facial features have changed.
- The machine combines high-speed banknote handling, improved counterfeit-bill recognition and facial recognition. Thus, help to curb ATM-related crimes.
- It provides 20% more accurate authenticity in verifying multiple currencies compared to present conventional ATMs used globally.
Categories: Banking Current Affairs 2018