Send Cash Through an ATM Using New ATMSend Service
The company's service, dubbed ATMSend, would allow a user to send cash to another user for pickup. What sweetens the deal here is that neither the sender nor the receiver would require a bank account at the participating bank, or at all. All that's required is that the sender verify their identity by registering a cell phone. Once the cash is ready for transfer, the sender would input their registered number into the ATM, wait for a text message with an authorization code, and then send the receiver the authorization code for pickup.
Depending on the participating banks' fee (if any at all), ATMSend could even be a cost-saving alternative to services such as PayPal, which takes a cut from certain transactions. Sending money sans a bank account is sure to be valuable for a number of people, though we're a little worried about the possible ways this could be beneficial to evildoers. [From: MarketWatch]
A new study out of the University of Michigan says that many banking Web sites are poorly designed and put customers' data at risk. Although the sites aren't necessarily full of security holes or exploitable code, researchers say many banking sites encourage bad surfing practices. The problem is that banks often ignore standard security design features that security experts encourage Web surfers to look for.
