WSFS Bank recently announced the release of WSFS Mobile Cash, an alternative to debit cards when withdrawing money from an ATM. The new system allows customers of the bank to remove cash using their smartphone when they make withdrawals from WSFS ATM machines.
“This new method for making withdrawals protects customers from having their information stolen due to ATM skimming,” said Maggie Thompson, Retail Office Manager in the Milford branch of the bank.
Skimming is an illegal activity in which a thief installs an undetectable device in an ATM machine in order to steal someone’s bank account information.
WSFS customers who currently hold a debit card with the bank and who use a smartphone, can now use the WSFS mobile app to withdraw cash at the bank’s ATM machines. To use the new system, the customer opens the WSFS mobile app and selects the Mobile Cash icon. They then enter the amount of cash they want to withdraw. Another icon appears on the ATM screen and, once that is tapped, a QR code appears. The customer takes a photo of the QR code on their smartphone and cash is dispensed.
“Mobile Cash adds an extra layer of safety as the customer is not fumbling for their card, entering a PIN or standing at the machine. At no point does your card have to leave your wallet.” Customers are given a cash receipt from the machine and a digital receipt is also sent.
Recent Mercator Advisory Group research on mobile cash withdrawal (sometimes also called ATM prescreening or cardless cash access) shows significant interest with banking customers. Not only are these methods more secure than the traditional card-based processes (which are more vulnerable to skimming), but withdrawal transactions can take less time as well. It is likely that the movement toward mobile cash withdrawal use will accelerate over the next year.
Overview by Ed O’Brien, Director, Banking Channels, Mercator Advisory Group
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