Rain Technology has unveiled a groundbreaking solution called ATM Switchable Privacy, aimed at safeguarding consumers against visual hackers and prying eyes at ATM terminals located in various public settings such as financial institutions, retail stores, restaurants, airports, and more.
The global ATM market is rapidly expanding, with over three million ATMs worldwide and a projected market size of $28 billion by 2026. Unfortunately, this growth also presents a significant security risk for merchants, retailers, banks, and consumers. In the United States alone, fraud resulted in losses exceeding $10 billion in 2023, with an expected annual growth rate of 14%. To address these concerns, industry standards like PCI have been put in place to ensure the protection of consumer data not only in terms of software and payment security but also in terms of physical barriers to fraud at point of sale and ATM terminals. The introduction of innovative technologies like Switchable Privacy plays a crucial role in combating fraud and enhancing consumer information protection at ATMs.
The technology behind ATM Switchable Privacy involves a thin, proprietary layer integrated into the liquid crystal module of an ATM screen. This static reflective design, compatible with standard LCDs, becomes visible when activated by a hardware or software trigger. By electronically switching the ATM display from share mode to private mode through controlled viewing angles, this feature offers enhanced security during transactions and also enables widescreen advertising and promotional opportunities when the ATM is idle. Partners involved in ATM manufacturing, such as Diebold Nixdorf, Hyosung Innovue, and NCR Atleos, can implement this advanced security measure to provide better protection for consumers.
Rain Technology’s patented approach ensures that only as little as 0.2% of the screen is visible outside a 45° viewing window when privacy mode is on, creating a private session for users. When privacy mode is off, the ATM display can take advantage of widescreen capabilities for marketing and branding purposes. Furthermore, even when the display is inactive or in sleep mode, Display Screen Branding offers additional branding opportunities. This solution upholds the highest standards of resilience, making it suitable for use in various ambient temperature, traffic, and lighting conditions. The implications of this advancement are significant, benefiting both security and advertising efforts at ATM terminals.
Investing in consumer privacy protection offers numerous advantages for businesses and their customers. Robert Ramsey, CEO of Rain Technology, highlights that prioritizing privacy during ATM transactions not only meets consumers’ expectations but also delivers substantial benefits for businesses. By fostering trust and loyalty, improving the customer journey, safeguarding physical safety, mitigating data breaches, and ensuring regulatory compliance, businesses can establish secure, transparent, and mutually beneficial relationships with their customers. Private ATM sessions can increase consumer comfort, leading to deeper engagement and higher session values, ultimately enhancing the value of the ATM channel as a customer touchpoint.
Protecting consumer privacy is crucial for building trust and confidence among customers. Research shows that 67% of customers require trust in a brand before making repeated purchases. Considering the vast number of cash ATM transactions in the U.S., banks and merchants face a significant security challenge but also have the opportunity to build long-term loyalty with customers. By enhancing privacy protection, businesses can create positive brand experiences, especially in self-service kiosk settings where customer interactions are vulnerable. Safeguarding personal information can also prevent physical harm and mitigate the risk of identity theft, fostering a safe environment for customers. Additionally, by implementing robust encryption protocols and physical security measures like switchable privacy technology, businesses can reduce the risk of data breaches and financial losses.
In a rapidly evolving regulatory landscape focused on consumer privacy, businesses must align with data protection laws to uphold consumer rights. The U.S. and EU have implemented strict regulations like GDPR and the California Consumer Privacy Act to protect consumer data. Compliance with these standards is essential for businesses to build trust and demonstrate their commitment to safeguarding customer information. By adhering to privacy protection measures, such as privacy shielding for PIN entry to prevent “shoulder surfing,” businesses can enhance security and regulatory compliance in the retail environment.
In conclusion, Rain Technology’s ATM Switchable Privacy represents a significant advancement in consumer privacy protection at ATM terminals. By investing in innovative technologies to enhance security, businesses can foster trust, improve the customer experience, safeguard physical well-being, mitigate data breaches, and support regulatory compliance. Prioritizing consumer privacy not only enhances security measures but also strengthens relationships between businesses and their customers, leading to a more secure and mutually beneficial environment for all stakeholders involved in ATM transactions.