Why Bin the Pin
Welcome to our 5-part blog series on why to Bin the Pin. In this fifth post, Henrik Knudtzon, Chief Financial Officer at IDEX Biometrics explains Why Bin the Pin.
We’re very wary of protecting data stored on our mobile phones. People who have been using Personal identification numbers (PINs) on phones are gradually switching to finger recognition technology to unlock their devices to ensure the highest level of security. Well, if we are so protective of our mobile phones, then why aren’t we equally cautious of our payment transactions?
We are well aware of the increasing number of identity theft reports, so isn’t it high time we switch to a much more secure payment system when making any type of transaction? Read on to learn why it’s time to bin the PIN and potential solutions to fight the odds.
How are PINs highly-insecure?
Whether you’re making a financial transaction or withdrawing money from the ATM, you are expected to use your ‘unique’ PIN to authenticate your identity. But are you sure your PIN is not known to anyone else? Some consumers use predictable number combinations such as their birthdates or anniversary dates while some often share their number with someone else or use it for multiple applications.
There’s also a host of seasoned criminals who are putting their pedal to the metal to get hold of your exclusive number by using techniques such as man-in-the-middle attack and chip-switching trick. The question is how can we put an end to this alarming situation?
Is Biometrics a solution?
It is nearly impossible to simulate an individual’s physical features as it is exclusive, and this is where biometric security can be an unrivalled solution to fight the menace of identity theft. It’s been over a decade since biometric identification technology, such as fingerprint sensors, iris recognition and voice recognition systems have been successfully leveraged by many companies across the world. Financial giants, such as Mastercard, are already getting underway to incorporate biometric technology into payment card solutions to ensure ‘hack-free’ payment security for their users.
How does it work?
Providers of biometric-enabled card technology, such IDEX Biometrics, have already experienced global customer engagement in multiple verticals including payments, access control and others. Successful trial runs across the globe have highlighted high customer interest which have led to volume orders being placed.
Their ‘off-chip capacitive fingerprint sensing’ technology separates the fingerprint sensor from the chip that processes information it collects resulting in high-quality fingerprint imaging, optimised biometric performance and outstanding user experience. Users can also record their fingerprint at multiple angles for an easy recognition process no matter how they hold the sensor.
Now that we know it’s about time we do away with the PIN, let’s embrace the revolutionary power of our fingertips, literally!
Our previous post in Bin the Pin looked at The Power of Your Fingertip.