A white paper just issued by UK consumer authentication specialist myPINpad examines the evolution of identity and verification (ID&V) tools, its flaws and the role of personal identification number (PIN) verification as a favoured method. The paper, entitled ‘ID&V – A secure and seamless authentication solution at your fingertips’, addresses the difficulties that card schemes, banks, acquirers and merchants face regarding ID&V; such as rising fraud figures, complaints due to poor consumer usability and compliance with new payments and banking regulations.
myPINpad adds that a recent Experian survey of senior fraud and risk managers found that more than 75% of abandoned transactions were caused by cumbersome identification and verification (ID&V) processes, proving costlier than fraud itself. This statistic prompted the company to investigate the issue in detail and the whitepaper addresses issues such as chargebacks, biometric authentication, fraud and abandonment in e-commerce, m-commerce and banking. It advocates the use of PIN, a solution that is convenient, simple to use and easy to implement, as an ID&V tool offering consumers greater control over transactions, as well as increased security and convenience.