Banks fail to see value of iris scans |
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UAE banks are less than impressed with proposals to introduce iris scanning as a security feature on cash machines, a source at a local lender has revealed.
The central bank has reportedly reached an agreement with the Ministry of Interior to implement the technology from next month, after widespread cases of ATM fraud hit account holders in September.
But given that the fraudulent withdrawals were made overseas, and that an overhaul of the current ATM system will cost considerable time and money, questions remain over the scheme's viability.
"Banks are not buying into the idea because of the high cost, especially those which have a wide network of ATMs," the source told 7DAYS, claiming that iris scanning was only a "suggestion" awaiting feedback from banks at this stage.
"It will hinder their expansion plans because some banks have already signed contracts to install new, modern ATMs and now they are being told they may have to change their whole network."
But a banking security expert said that iris scanning could be deployed "within a year" if the authorities were smart about it, since it only involves attaching an extra camera to the ATM.
"Iris scanning is the most secure identity verification you can have, without taking a DNA sample," said Lars Olof Känngård, executive director of Dubai-based transaction facilitator ViA.
"If the industry is adopting it on a large scale, the cost of iris scanning and the computer software behind it may go down to just a few thousand dollars per ATM.
"If that is the case, I think that is a very good way to go," Kanngard added.
© 7Days 2008
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