Alhamrani and ShoCard to develop blockchain secured biometric ATMs

Alhamrani Universal (AU) the largest ATM provider in Saudi Arabia, has announced a partnership with ShoCard, a blockchain-based identity authentication platform, to develop a biometric ATM prototype that will enable consumers in the region to use their blockchain-based app and faces instead of personal identification numbers to withdraw money from cash points.

The ShoCard powered ATM, which will use five-factor authentication, can communicate across banks and uses the blockchain to confirm an individual’s identity without accessing the bank’s database. The prototype is currently undergoing testing and planned to be rolled out in production soon.

ATM fraud continues to plague banks, with scammers devising new ways to defraud them by circumventing systems where biometrics and blockchain have not been introduced. One recent example involved scammers setting up a lookalike website to harvest users’ access information in order to steal $106,000 from 125 accounts in cash withdrawals.

The ShoCard solution closes the door to these scams by introducing biometrics as part of a five-factor authentication process that also includes the ShoCard ID, a QR Code, timestamps, session IDs and other certifications methods by which the user was verified, like selfie IDs and more. As banks start to adopt biometric technology for authentication and verification at ATMs across the region, AU’s ATMs will be able to verify all customers irrelevant of their banking partner due to the innovative use of blockchain and biometrics together.

ShoCard uses blockchain technology to identify users across different banks, hardware or online services where no device or service is trusted. It allows users and enterprises to establish their identities with one another in a secure and verified way, so that any transaction can be accomplished quickly, seamlessly and with peace of mind.

ShoCard is already working with major international banks and other financial institutions to build a blockchain-based financial ID using the ShoCard Identity Management (IM) Platform with a key focus on user privacy and higher levels of security.