Like a lot of us, I tend to have one PIN for a load of different cards and websites etc, its not the most secure way to do things but I just couldn’t be arsed remembering a load of different 4-10 digit numbers. It would become increasingly difficult trying to withdraw cash to continue a sesh when you actually have reached the point of no return and you can’t even remember your own name.
This is changing, for the better I think as more importantly cyber security is under constant threat, your own ATM could be hacked so this is a good thing.
The head honcho Rob Walls of Visa Australia had this to say:
Customers are now “tech-hungry and very savvy in terms of how to use that technology”.
” You’re starting to see new devices and payments experiences coming into the market,” he said.
“Industry research suggests eight out of 10 people are using the same PIN across the majority of their payment cards,” Walls continued.
“In 2020, the average consumer will have more than 200 passwords they have to remember.
“That just means an explosion of places where your card details might be stored.
“To remove that risk, we can push that authentication to something that’s more natural and unique to the consumer, such as a retina scan, a thumbprint or heartbeat.
“There will be no more fumbling for your wallet, pushing in a 16-digit card number.”
Any change will be gradual, however.
“It’s an evolution, not a revolution,” Walls said.
“You’ve got to make sure you cater for every individual in the market as the ecosystem changes. To accept biometrics takes a long time — the point-of-sale terminals, the people manufacturing them, the banks putting them out, and merchants accepting them.”
With recent high-profile hacks and data breaches, Mr Walls said the credit card giant was “acutely aware” of the need to get standards and implementation around biometric authentication right from the outset.
“The opportunity is high, but there are also risks around not getting the security standards right, which may impact privacy and trust down the track,” he said.
“The standard we’re devising with industry ensures the biometric details never leave the device. Your voice or thumb is authenticated by the device you’re using, and that proof that you are who you say you are is transmitted.”
Splendid work Rob this transition can only be a good thing.