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Biometric Blockchain ATMs to Combat Dark Web Card Fraudulence



Dark web credit card duplicity has been on an exponential rise in recent times. This is because of the PIN system which has loopholes. In the past, the PIN system was considered to be the most secure system. However, with the inception of the dark web, the notion has changed. 

Gemini Advisory reported last year that 60 million credit cards were compromised in the US over the year and sold on the dark web. These credit card details are purchased by the buyers either for digital purchases or for creating a clone of the card that can be used later at the ATMs to withdraw a handsome amount of cash. The latter type of forgery is difficult to trace as the person withdrawing cash needs to have the PIN and simply cover his face at the ATM.

Therefore, banks and other financial service providers have adopted a five-factor authentication process by virtue of which cloning of cards and cash withdrawal is simply impossible. Latest news on blockchain throws light on the installation of blockchain ATM prototypes in Saudi Arabia that has a unique way of granting users access to funds. As a part of the five-factor authentication process, the ATMs use biometric scanners to scan the face of each account holder. This five-factor authentication process is secured by a blockchain app and is being used in the Middle East by the largest ATM provider.

Besides face scanning and recognition, the five-factor authentication includes the ShoCard ID, session IDs, a QR code, and timestamps among the other verification methods. This system has given up the conventional system of remembering the four-digit PIN in an aim to combat the threat presented by credit cards.
The ATMs are the initiative of a partnership between Alhamrani Universal (AU) and blockchain mobile-identity platform ShoCard. The prototype controls over 50% of the market share of Saudi Arabia-based ATMs. The ATMs implement blockchain technology for identity confirmation without accessing the database of the banks. ShoCard technology is designed in such a way that it can protect user privacy during the authentication process. It does so by allowing true digital signature with frictionless login (without the requirement of username and password), transaction authorization, and non-perishable audit trails.  

Blockchain technology news further states that the ATMs are in the testing phase and will be launched shortly. According to Armin Ebrahimi, the CEO of ShoCard, “The issue of card fraud at ATMs is likely to be solved by the ShoCard solution. Simultaneously, Tariq Abdat, the CEO of Alhamrani Universal stated, “We are glad to work in collaboration with ShoCard to develop a blockchain-based biometric ATM that is striving to bring revolutionary impact on reducing card fraud.”

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