Chip & PIN
"Fraud cost the UK Government L402 Million last year alone" Traditionally when you pay for an item over the counter in any shop throughout the UK, using a credit or debit card, a receipt is printed for you to sign, to verify payment and for the cashier to verify that the card belongs to you by comparing the signature on the back of the card, to the receipt you signed. But recently credit card fraud has been on the increase as criminals are cloning / stealing the cards and learning to forge the signature that appears on the card. This is happening more than ever before. Goods can be purchased with the swipe of a card, and a signature on a piece of paper, the cashier has the difficult task to determine whether the signature has been forged or not. This is quite a difficult task because it can be very hard to tell. Card issuers being more aware of this, have launched cards with a 3 digit security code, which is totally unique to the card, and is located on the back of the card (see fig 1.0), which is needed w
The users of the system are worried about people finding out they're PIN, and people watching them enter the PIN. Now with the introduction of the new Chip cards, customers verify payment by typing in a 4 digit PIN code into a small keypad (see fig 2. This also saves money because new cards do not have to be issued every time, and most of the time the bank is kept out of this as the card holder does it all himself via a cash machine. As well as worries that they will not know how to use the system, or when or how they will get a card. The majority of problems are PIN related; what if I forget it? What if I don't know it? What if someone else knows it? What if someone watches me enter it? All of which can be solved by the consumer just having a chat with their bank. Once the PIN has been entered it is verified on the Chip and if correct the payment is made, if it is incorrect the card holder is asked to enter the number again, if it is entered wrong a total of 3 times, the card is locked for use. hen using the card on-line, this has helped towards cloning the cards, but if the criminal has stolen the card, this is useless. 0) much like you do at a cash-machine. Issues concerned with Chip & PINThe main issues from customers about the new Chip & PIN system, is still security issues. It is also much easier for the card holder to do something if they suspect they have been watched or someone knows their PIN. Assuming the card hasn't been stolen, all the card holder has to do is go to a cash machine and change the PIN or phone the bank and request a new one (which can then be changed to a number easier to remember if necessary), problem solved, if someone had been watching and or / does know the PIN code, this is useless to them now. Companies on the other hand, have slightly more to worry about; how the system will affect their business? How much it will cost to implement it? Etc. These are valid concerns but easily remedied by also consulting their bankWhat is the Technology behind Chip & PIN?The new card, has a microchip embedded into the card, which contains highly encrypted information this is the card holders name and PIN number. The cashier verifies the owner of the card by the entry of a correct PIN.
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