I DECIDED TO PUBLISH WHAT “I see” IN THE TECHNOLOGY SOLVING
OUR CRITICAL ISSUES. SOME OF THEM MAY BE ALREADY IN THE LAB AND SOME ARE NOT.
THIS IS THE FIRST ARTICLE IN THIS SERIES
I see…
We will see biometric authentication integrated into
today’s EMV chip as next step of evolution in – credit card payment system security.
I see an opportunity to further
secure existing payment system by adding another layer of security. If we
integrate biometric authentication (Fingerprint) technology with the current Chip
Card (EMV - Chip and Pin) then Debit / Credit /ATM card will be more secure.
Current EMV – chip and PIN card protects identity theft only. There is no
security at card owner level. Anyone can use the physical card because there is
no security at card owner level. The biometric authentication (fingerprint) technology
is now very matured, so it can eliminate this security gap by adding an
additional layer of security to the current EMV (Chip and Pin) cards. If we
integrate the capabilities of both technologies in the future debit/credit/ATM
card, we will be able to protect our card from the wrong person or agent. Addition
of biometric/fingerprint to EMV – PIN and CHIP card will give us an extra
protection. Integrated chip solution will allow only the right owner to use
his/her card. It will eliminate many business processes that providers,
merchants, and card holders currently going through. The new chip card will also
reduce operational expenditure.
This is just my thought. I assume
this thought may be already in some OEM’s Lab and they
are developing the new authentication chip, new process flow, and creating
a prototype.
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