Thursday, July 30, 2015

Let's Catch Some Crooks with a safety PIN

Let's use the automated teller machines against the criminals.

For all the crime that includes forcing people to go to an ATM and withdraw money for criminals, a secondary, emergency (safety) PIN would be a wonderful thing the financial system could do to help victims.

If customers had the option to create a safety PIN that would access their account, BUT also alert police to the location and keep the video, we could save people, catch criminals, and enhance the community image of financial institutions.

I read too many news articles about people being forced to go to the ATM with crooks to get money or to give their PIN and bank card to criminals. This would at least give law enforcement a better chance to catch crooks.

When you get an account or bank card, you create a PIN. For example purposes say it is 1234. You also need an option to create an emergency PIN to trigger safety protocols, for this example - 5678. If you ever use the 5678 safety PIN, your account “works” to the outside world, but it triggers actions behind the scenes. The customer has a better chance to survive. Law enforcement has a better odds to capture the criminals. Once the process becomes widespread, it is another deterrent to crime. If you want to go a step further, when the emergency PIN is entered, put a message on the screen that withdrawals are limited at this time due to some technical issue.

One rule for customers, no safety PINs with 911 in them. It's a little too obvious.

Law enforcement should have additional ideas to close the loop on the crooks, but this would be a start. Bankers, let's make safety PINs!