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PIN vs. Signature AuthorizationPublished by: Auriemma Consulting Group Published: Jun. 27, 2008 - 25 Pages Table of Contents
AbstractJohn Shepherd-Baron, more than 40 years ago, was wondering how banks could easily disburse cash. Looking at candy vending machines, he thought of the idea of bringing the bank to remote locations using the Automatic Teller Machine (ATM)—unmanned, automated, and, most importantly, cost effective.Interestingly, an early prototype of the ATM used 6-digit Personal Identification Numbers (PIN)—Mr. Shepherd-Baron’s research led him to conclude that a 6-digit PIN was both secure and easy to remember. Yet, his wife preferred 4 digits. Presumably, Mr. Shepherd-Baron was an attentive spouse because today, we use 4-digit PINs almost universally to authorize financial transactions. With the introduction of PIN terminals at more checkouts in the U.S., we may use more “chip-and-pin” authorizations at points of sale following the method prevalent in Europe and Asia. This technology requires a user to enter a PIN number while a chip embedded in their card is being read by a terminal. With more widespread usage of PIN numbers across the nation (at ATMs, online, on the phone, and point of sale), we wonder what consumers are thinking about their personal security, habits, and behaviors regarding purchase authorization. We also wonder to what extent PIN replaces signature authorization. Moreover, what is the future of purchase authorization? Get Full Details About This Report >> |
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