SafeNet to release Egg PIN issuance system

SafeNet to release Egg PIN issuance system

US security firm SafeNet is gearing up to launch an online PIN issuance system that was developed in partnership with UK Web banking outfit Egg.

Speaking at an open theatre session at Sibos, Safenet's director of payments product management, Rene Bastien said the Viewpin+ PIN management product eliminates many of the risks associated with current paper-based PIN issuing processes, such as PINs going astray in the post and so-called 'angle light attacks' where the PIN can be seen by holding the mailer up to the light.

The Safenet system enables customers to receive a PIN online via their Web banking service in real time, rather than through the post.

Paul Hampton, chief security architect at Egg, told delegates that the introduction of the chip and PIN system in the UK prompted Egg to review how it distributed customer security codes.

Hampton said that separating the channels that are used to deliver cards and PINs has dramatically reduced incidents of PIN theft and has cut costs - previously it cost £1 per mailer to send customers new PINs.

Safenet says it will release the Viewpin+ product in November.

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