Newer technology newer disruption
There is need for improve security in ATM transactions and you’ll soon be withdrawing cash and making payments using your thumbprint, voice, retina and even heartbeat, Visa has claimed. To complement the tech savvy people in the industry. As part of technology convergence there will be new devices and seamless payment experience to come very soon.
The credit card giant is currently working with the rest of the payments industry on new standards for migrating from PIN to thumbprint and consumers could see the technology by the end of the year.
The question is how safe it is by using only thumbprint instead of PIN. Think-tanks are talking about it will rather increase the security concern. Reason being, the thumbprint is already there is the cloud with various agencies. There is an increasing number of passwords, it is technically difficult to remember, as a best practices we need to change the password frequently. So it becomes impossible to remember the passwords and PIN Number. As the technology and complexity increases there is another technology ad solutions come-up to solve the issue, it is a continuous process, so we will call technology is an evolution, not a revolution.
With the tremendous increase in the number cyber criminals and their activities, the ATM has become insecure. Cybercrime also increasing with several phishing and scanning rackets at least one cybercrime was reported in every 10 minutes in India upto June 2017. According to the Indian Computer Emergency Response Team(CERT-In), 27,482 cases of cybercrime were reported from January to June The Personal Verification Number(PIN)will not give the right security. The fingerprint is unique and cannot duplicate by others. It’ll be wise enough if the technology could sync with pin verification and supported by fingerprint recognition technology for identification.
With recent high-profile hacks and data breaches, with more Indians are going online, cyber experts said putting in place critical infrastructure to predict and prevent cybercrime was crucial and the suggested technology fingerprint recognition technology and pin verification, could embedded the GSM modem connected to the microcontroller, will generate the 4 digit one time password and it will send to the main user mobile number when the user to enroll the fingerprint. The fingerprint of the nominee and the card holder are collected and stored in the database. Every fingerprint which enrolls is check by the database . The 4digit one time password should be entered by pressing the keys on the touch screen. After enter all the correct information customer can begin the further transaction. But at the end of the day we don’t have to remember them. Going forward, one has to be properly educate to know how and where to use the plastic cards if they want to secure their hard earned money.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.