Interactive PLAYER SECURITY - MYPINPAD
PIN-teresting solution
Biometric technology is grabbing all the headlines in the financial services sector and retail at the minute, with Apple Pay enabling users to make payments using their fingerprint and iPhone. New company myPINpad is convinced that mobile payments are the future of secure, convenient transactions, but is looking to the past for its inspiration - the ‘PIN’
The concept behind myPINpad is simple, the ability to verify the identity of an individual on an unsecured electronic device ie. a mobile phone, tablet or PC, across an unsecured network. myPINpad’s answer is to use the PIN (Personal Identification Number). Consumers have demonstrated for decades that they are comfort- able with entering a PIN to access personal details, pri- vate information and financial transactions. However, inputting PINs into electronic/mobile devices and transmitting across networks is a security disaster waiting to happen.
A recent survey found that 67 per cent of UK con- sumers thought the four-digit PIN number would soon be obsolete, with a third suggesting they thought this could happen within five years. These worries stem from a lack of innovation and fear that the PIN can more easily be compromised on mobile devices, which is why myPINpad verify the PIN at the point of entry, on the mobile device, but send only the verification across the network, not the actual PIN.
Increasing the security of a device is a balancing act between convenience and security. The consumer’s desire for an easy-to-use payment environment and for that to also be a secure one presents challenges to the merchant, who is looking to improve the customer journey while constrained within existing payment
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infrastructures. Innovation in new technologies for authentication also leads to problems of integration and adoption, which can’t add complexity or friction to the payment process without impacting on the pur- chase. Customers must feel secure in making their pay- ments, as shown in recent surveys detailing the fact that 35 per cent of all abandoned website carts are due to security concerns. 18 per cent of consumers aban- doned their carts because they felt the security was excessive, while 17 per cent abandoned their cart because they had concerns about insufficient security.
Speaking to myPINpad’s CEO and Chairman, Phil King, he explained that the common denominator and start- ing point for every customer is their mobile device. “Every consumer is confident in the use of their mobile and we believe this confidence extends to using a PIN on their smartphone device,” said Mr. King. “It’s a tri- angle, wherein you need to respect the presences of regulation and security, but you can’t overlook the need for convenience and trust. If you add friction to the buying process that becomes downright annoying and frustration leads to abandoned sales. We believe that if a PIN is good enough in a face-to-face scenario, why not use it in a non-face to face scenario?”
Registration and customer verification allow two things, it allows the individual to prove they know their
Phil King, Chairman and CEO, myPINpad
We can integrate into a mobile app branded by the operator, which demands a PIN at the point at which the player makes a bet. It’s a verification tool that will prove hugely beneficial to the operator.
PIN and it allows the merchant or service provider to confirm for itself that the customer meets the appropri- ate age requirement. Once you have confirmation you can then supplement with other KYC (Know Your Customer) information, which is fundamental to a gaming industry looking for an additional level of veri- fication to reduce the costs of both charge-backs and merchant service fees. “We can integrate into a mobile app branded by the operator, which demands a PIN at the point at which the player makes a bet,” described Mr. King. “It’s a verification tool that will prove hugely beneficial to the operator.
“At present we are in substantive contract negotiations with major primary market banking services, where fraud and attendant risks are massive as technology moves towards the device that everyone carries with
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