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New ATM Comes from Russia with Fraud Protection

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New ATM Comes from Russia with Fraud ProtectionThe biggest bank in Russia recently began rolling out ATMs that come with voice recognition software designed to reduce the amount of consumer credit fraud, according to a report from the New York Times. The machines scan consumers’ personal records, using fingerprinting technology and 3D facial scans, as well as the voice analysis program that asks pointed questions to determine whether the user is who they claim to be.

These questions include those about finances, such as whether or not consumers are employed and whether they have any outstanding loans in their name, the report said.

“We don’t know of any major U.S. financial institutions doing things along those lines, such as trying to gauge whether somebody is lying,” Daniel Wiegand, a senior analyst at bank technology consulting firm Corporate Insight, told the newspaper.

Some banks are testing this type of technology though, the report said. Citigroup and Deutsche Bank are testing them in a handful of branches around the globe, including those in New York City.

The rising tide of credit fraud has been troubling to many consumers whose accounts have been compromised in a large and growing number of ways, including skimming scams and hacking efforts.

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