The Cost of Fraud
There’s a disturbing amount of customer money unwittingly handed to fraudsters each year. In 2017 alone, a staggering £240 million was taken from account holders. What’s more, UK Finance has released data highlighting a decline in cash payments by 15 percent over the last year to 13.1 billion – while card payments pulled ahead for the first time ever with 13.2 billion. With these huge sums of missing customer money and card usage skyrocketing, comes more pressure than ever for financial organisations to up their payment security offering at all stages of transactions.
New Payment Legislation
That’s why new European Union legislation has announced that the way customers input their PIN number will be changing next year. Come September 2019, shoppers will be required to enter their PIN number after every five consecutive contactless payments, or after spending the value of £132. This replaces the current contactless payment system which asks customers to enter their PIN number on purchases greater than £30.
This new legislation shows that PIN is still the universal universally trusted and accepted form of authentication that offers a level of security that users feel comfortable with. In a previous blog, we discuss why PIN remains the most appropriate form of authentication.
Enhanced Security with PIN and Multi-Factor Authentication Solutions
At MYPINPAD, we know that inputting a PIN is a key part of having a smooth and secure payment transaction. That combined with a robust authentication process makes for a security solution that is second to none. Our incredibly robust method of authentication compliments the latest legislation and, as ever, proves PIN number usage to be the best way to keep customers safe.
Read more about our solutions at: https://www.mypinpad.com/products/