MyPINpad  and VocaLink bid to digitise consumer PINs

MyPINpad and VocaLink bid to digitise consumer PINs

VocaLink has entered a five-year agreement with UK company myPINpad to bring Chip and PIN-style authentication to online and mobile shopping transactions.

MyPINpad's technology platform enables secure authentication of transactions on mobile phones, tablets and personal computers, without disrupting existing bank or Card Scheme protocols via the use of existing cardholder PINs.

The firm says it has entered collaborative discussions with a number of the UK’s leading banks, acquirers and issuers, merchants and PSPs focused on a number of authentication use cases following proof-of-concept trials with VocaLink.



Sara Parker, product director, Link ATM Services at VocaLink says: “The combination of myPINpad’s familiar authentication solution with VocaLink’s connectivity not only enables us to offer a broader range of transaction services, without significant change effort for banks, but will also help us to further empower the consumer.”

Comments: (5)

A Finextra member
A Finextra member 23 November, 2015, 11:071 like 1 like

Would this replace 3D Secure? looks like the issuer could mandate it (instead of relying on the merchant to ask the cardholder to use 3D Secure).

A Finextra member
A Finextra member 23 November, 2015, 11:281 like 1 like

Digitising a 4 DIGIT number. Interesting....

Peter Robinson
Peter Robinson - Liberti Consulting - Northampton 23 November, 2015, 11:291 like 1 like

Good for them! If it really can work for Telesales, it will provide auhentication where one doesn't exist at the moment and help fill a huge retailer hole for fraud where the risk is currently all theirs. If it can obviate the need for 3D Secure even better! 

Tom Hay
Tom Hay - Icon Solutions Ltd - London 24 November, 2015, 08:20Be the first to give this comment the thumbs up 0 likes

Good times coming for fraudsters if this gets wide adoption! Even if myPINpad is totally secure, phishing sites (and text messages and push notifications) will spring up overnight requesting the customer to enter their card PIN and harvesting the results. So much for all the banks' investments over the years in keeping PINs secret. Social engineering trumps technology every time.

David Poole
David Poole - myPINpad - London 24 November, 2015, 14:49Be the first to give this comment the thumbs up 0 likes

Tom, thank you for your comments and interest in our solution. We appreciate the point you have raised and would very much like the opportunity to speak with you offline to explain why and how our solution negates the potential threats you mention. Are you free for a call to discuss this? Please get in touch on info@mypinpad.com and we can arrange a convenient time. Thanks.

 

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