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3 precautions to take with cardless ATM transactions.

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Cardless ATMs may become the norm, but they don't necessarily come without risks.

Some new conveniences may be best approached with caution. That appears to be especially true when it comes to cardless ATM transactions. According to recently reported incidents, thieves used stolen bank usernames and passwords to log into their own phones, which they then successfully used as identifying information at wirelessly accessible ATMs. Though you may not encounter such ATM technology the next time you need cash, here are 3 precautions you can take should you choose to take advantage of this new convenience.

1. Pay particular attention to your online banking login information

This is something you should be doing anyway, with all the online sites you log into, but be especially vigilant with your banking security. Make sure you"re regularly updating unique and strong online banking passwords.

2. Use 2-factor authentication if available.

Two-factor authentication sounds complicated, but it isn"t, and it can make a difference. When enabled, 2-factor authentication requires 2 forms of identification: one is usually your standard password and the other is usually some sort of temporary code/password/link sent to another device. The need for that combination of identifiers may make it more difficult for a thief to access your private account (in this case, your checking or savings account).

3. Avoid cardless ATM transactions, for now.

If faced with the choice of using an ATM card or another means of account access, you can always choose good, old-fashioned plastic. You can always wait to try this new technology when you feel more comfortable with it or when it"s more widespread.

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