WSFS Bank recently announced the release of WSFS Mobile Cash, an alternative to debit cards when withdrawing money from an ATM. The new system allows customers of the bank to remove cash using their smartphone when they make withdrawals from WSFS ATM machines.
“This new method for making withdrawals protects customers from having their information stolen due to ATM skimming,” said Maggie Thompson, Retail Office Manager in the Milford branch of the bank.
Skimming is an illegal activity in which a thief installs an undetectable device in an ATM machine in order to steal someone’s bank account information.
WSFS customers who currently hold a debit card with the bank and who use a smartphone, can now use the WSFS mobile app to withdraw cash at the bank’s ATM machines. To use the new system, the customer opens the WSFS mobile app and selects the Mobile Cash icon. They then enter the amount of cash they want to withdraw. Another icon appears on the ATM screen and, once that is tapped, a QR code appears. The customer takes a photo of the QR code on their smartphone and cash is dispensed.
“Mobile Cash adds an extra layer of safety as the customer is not fumbling for their card, entering a PIN or standing at the machine. At no point does your card have to leave your wallet.” Customers are given a cash receipt from the machine and a digital receipt is also sent.
Ms. Thompson explained that WSFS has added several layers of protection for their customers already and said that the addition of Mobile Cash is just another way the bank is working to help reduce identity theft for their customers.
Identity theft is a growing problem throughout the United States with the Bureau of Justice Statistics reporting that over 16 million people became victims in 2012. Experts say that one of the ways to protect yourself from identity theft is to limit what you carry with you, including credit and debit cards. Although the Mobile Cash system may not eliminate the need to carry a debit card, it will reduce the number of times someone must remove it from their wallet.
WSFS is the fourth bank in the country to offer Mobile Cash and it is part of a larger effort by the bank to innovate and serve their customers in channels where they are most active, such as the use of mobile devices. Ms. Thompson said that the system was only available at WSFS Bank branch ATMs at the present time.