Last week Apple launched its most expensive iPhone ever, the iPhone X. However, things didn’t go smoothly for the tech giant during its first ever public demonstration. When Apple Executive Craig Federighi attempted to unlock the device using the company’s new Face ID feature, which scans a user’s face to ensure only they can unlock their phones, the attempt failed, promoting Federighi to input a traditional PIN code (and forcing him to switch to a backup phone). Read more
The Payment Card Industry Security Standards Council (PCI SSC)’s Chief Technology Officer Troy Leach recently divulged news of a new payment standard; one that enables the secure entry of PIN into merchant’s smart devices. The organisation aims to publish the final version by the end of the year.
London, Barcelona, 13th January 2017 – Marking its presence at Mobile World Congress 2017, MYPINPAD, an enabler of multi-factor authentication for unsecured touchscreen devices such as mobile phones and tablets, will launch an exclusive new whitepaper examining the role and potential of PIN on mobile devices to authenticate transactions.
2017 will see significant growth and adoption of mobile payments. In Europe alone the number of consumers using a mobile device for payments has tripled from 18% to 54% since 2015. The use of PIN to authenticate these transactions on mobiles is imminent.
For bricks and mortar stores, the growth of mobile points of sale (mPOS) to improve customer experience is continuing. Research earlier this year suggests that, by 2021, 20% of all retail transactions will be done on mPOS and that one third of all POS devices will be mobile. The potential of PIN on mobile has never been clearer.
Recently, the payments industry received news that Visa and Mastercard are teaming up to share tokenised credentials across their digital wallets (Masterpass and Visa Checkout). With the objective of making their wallets thrive, both schemes have committed to making them open and interoperable and to support multiple modes of use for consumers, e.g. in-app, online and in-store.
The move into a more collaborative and integrated payments industry is no doubt a good example for others members of the ecosystem. Championing new ideas and best practice to help mobile commerce grow, develop and become more secure in the industry should be celebrated.
It has nearly been a year since the 1 October 2015 US liability shift deadline for US credit card companies and merchants to switch to EMV cards. Despite concerns about costs and the challenges of roll out on such a huge scale. EMV adoption has rapidly increased. MasterCard has announced that 80% of its credit cards now have chips, while it has 1.7 million chip-active merchant locations on its network.
MYPINPAD announces new campaign to explore how consumers feel about convenience versus security in online commerce.
LONDON, UK. August 9, 2016; MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as mobile phones and tablets, is being asked whether the digital commerce industry has compromised consumer security in favour of user experience.
Recent news reports about increased levels of fraud across the likes of Amazon Prime, Uber, eBay and Vodafone have opened up the debate. Are the rising fraud levels attributable to the ‘fragmented’ approach that the fintech industry takes in dealing with fraud? Have we reached a tipping point? Would consumers feel more positive about a brand that proactively seeks to protect them, adding multi-factor, transaction appropriate security for online transactions?
Global technical body EMVCo recently reported that by the end of 2015, 4.8million EMV payment cards were in circulation globally. This is very good news for consumer data security. With the EMV protocol, card data is stored on an integrated circuit rather than on a magnetic strip, making it extremely difficult to clone. A key component of EMV’s success is its simplicity; where chip & PIN is in place, the user only has to remember a short 4-digit PIN and their payment card to conduct a secure transaction.
Our transactions are becoming increasingly cashless. Consumers are increasingly preferring alternative payment methods as they are often easier and faster to use than traditional methods. Our debit and credit cards now allow us to shop online anywhere we are or to send money to the other side of the globe with a few clicks.
However, the flipside to this boom in online commerce has been a correlating boom in online fraud. Card-not-present (CNP) fraud has been on the rise globally; in the UK alone CNP fraud increased by 20% in 2015. Current authentication solutions used by banks and financial institutions are not effectively solving this issue. One-time-passwords are often used but are vulnerable to attack by sophisticated cyber fraudsters, by using malware and exploiting the vulnerabilities of the SMS network. 3DS is also used as a fraud prevention method, however the user experience can be poor and many retailers end up turning it off as the cost of lost revenue from people abandoning their order through frustration is often greater than fraud rates.
Consumers are becoming more concerned about their privacy and security, and this has been exasperated by recent high profile data breaches, such as at TalkTalk and, more recently, with Myspace. This has led many to question whether traditional authentication methods, such as usernames and passwords, are still secure. In a recent survey, 80% of consumers preferred biometrics over usernames and passwords.
MYPINPAD – LONDON
1 Canada Square
London, E14 5AB
Office Tel: + 44 (0)203 289 6728
MYPINPAD – CARDIFF
3 Assembly Square
Cardiff CF10 4PL
Office Tel: + 44 (0)2920 674437
MYPINPAD – ASIA
21/F Gloucester Tower
15 Queens Road Central