Click to view our Accessibility Statement or contact us with accessibility-related questions

3 precautions to take with cardless ATM transactions.

Share This Page

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.

Take the next step toward financial health
See yours now

Advertiser Disclosure: TransUnion Interactive may have a financial relationship with one or more of the institutions whose advertisements are being displayed on this site. In the event you enter into a product or service relationship with any such institution through the links provided on the site, TransUnion Interactive may be compensated by such institution. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TransUnion Interactive does not include all credit card companies or all available credit card offers.

What You Need to Know:

There are various types of credit scores, and lenders use a variety of different types of credit scores to make lending decisions. The credit score you receive is based on the VantageScore 3.0 model and may not be the credit score model used by your lender.

*Subscription price is $24.95 per month (plus tax where applicable).