Cardless transactions are coming to a Wells Fargo ATM near you.
Wells Fargo joins Chase, BMO, others
The bank is reportedly converting all of the 13,000 ATMs in its network to offer this functionality. That would make it the first bank to bring its entire network of ATMs online in the cardless technology arena.
For those who aren’t familiar with cardless transactions, they typically work by associating your smartphone with your account via a digital wallet or app. When you’re at an ATM, your phone communicates with the ATM and you tell it how much money you want to withdraw.
With Wells Fargo in particular, you’re given an eight-digit code that you then enter into the ATM to get your cash.
No ATM card or traditional four-digit PIN necessary anymore!
Yet with new technology comes new threats to your banking security.
Earlier this week, we told you about how crooks stole $2,900 from a woman’s Chase account via cardless transaction fraud as part of an elaborate ruse.
Unfortunately, Chase was not forthcoming when it came to giving the woman her money back — in fact, the big bank only did so after prompting from a security firm that got wind of the case and went public with it.
When Wells Fargo launches cardless transactions, it will join not only Chase in having this new technology, but also smaller institutions like BMO Harris Bank and Wintrust Financial.
Of course, if you’re worried about your ATM money in a cardless era, the solution to this one is simple: Don’t do cardless ATM transactions! Opt for traditional carded transactions and be sure to check for skimmers on ATMs and take these precautionary steps as you enter your PIN.