The life span of payment security system chip & PIN has not fulfilled expectations so far, it can be said. And now the once lauded, but currently maligned, system has a pretender to its crown.
According to a report from the Financial Mail, a new system championed by accountancy group PricewaterhouseCoopers is poised to take on chip & PIN’s mantle of payment security option of choice.
PricewaterhouseCoopers suggests that the new system from Gridsure, a new small-scale operator, could foil internet criminals and prevent so called ‘shoulder surfers’ by generating a new PIN for each transaction.
Further details of the new payments security device have not been released, but, according to the Financial Mail’s report, at least one online payments provider has agreed to take the product, while a number of retail banks are evaluating its potential.
Gridsure is currently waiting on a patent application for its new system.