Delfigo Security - Strong Authentication

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Home Identity Theft The End of "Swipe and Sign"?

The End of "Swipe and Sign"?

"Beginning later next year, you will stop signing those credit card receipts. Instead, you will insert your card into a slot and enter a PIN number, just like people do in much of the rest of the world. The U.S. is the last major market to still use the old-fashioned signature system, and it’s a big reason why almost half the world’s credit card fraud happens in America, despite the country being home to about a quarter of all credit card transactions."

Tom Gara's article in the Wall Street Journal discussed the impending shift from swiping a credit card and signing the receipt, to swiping the card and entering a PIN. This is the way credit card transactions happen across the globe, and we will now begin to see this model adopted in the US as well. 

 What will this mean for the PIN and the security of using one each time we do a transaction? Most of us have PIN numbers associated with screen locks on our devices, or the access applications. It's not an unfamiliar concept, but there has been much discussion about how easy PINs are to crack - and how often we choose insecure PINs to make our lives easier. With this shift will come a need to implement security on top of PINs to that is transparent to the end user, and secures these transactions in order to extend protection to end users against identity theft, and continue to combat fraud.