Thursday, March 09, 2006

PINs No Obstacle for Debit Card Thieves

PINs no obstacle for debit card thieves

This is an interesting development given the timing coincides with the launch of Pay by Touch in the U.K. The U.K. has just completed the implementation of their Chip and PIN technology and it has cut down significantly on fraud. With PIN's being compromised, fraud reduction may be short-lived.

The Mirror and ABC Money are reporting that PBT could dislodge Chip and PIN, however, because the Brits have invested $1.1 Billion in the nationwide implementation, I don't think that will happen.

On the other hand, (sic) the Chip and PIN logo could easily be replaced. Just get rid of a few digits...

Here are the links to the articles.

Fingerprint system may dislodge chip-and-pin technology, UK - Mar 9, 2006... Instead of keying in pin numbers, customers using the pay-by-touch have to get their fingerprints scanned by the scanners at the store checkout, which will ...

FINGERSCAN SYSTEM COULD MEAN END TO PAYING WITH CHIP-AND-PIN, UK - Mar 8, 2006... "They are embracing Pay By Touch because it helps them get through the checkout faster without having to hunt for cards, cheques, wallets or purses.". ...

Pay By Touch

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