A recent report shows that contactless mobile payment systems in the UK have won the hearts of many. So are we losing our love for the PIN, or are we still a way off finding a secure alternative?
Two-thirds (67%) of us think the PIN will soon be a distant memory of the banking past, according to research by Intelligent Environments. And many believe this will be within the next five years
Could this really be true? Or are you with the 32% who have PINned their hopes on our four digit friend?
Cracking the code
PINs are supposed to be super-secure four digit codes. The theory is that a PIN is for your eyes only, and therefore the likelihood of someone cracking the code is extremely low.
While there are around 10,000 PIN variations, there are weaknesses in the system. Many of us – myself included – don’t adhere to basic PIN number security: 32% of us have never changed our PINs, and only 37% have kept them a secret.
Being a part of that 37% can be a safety net in some circumstances. There have been moments when I’ve had a complete brain freeze when trying to recall my number. As someone who hasn’t kept my PIN secret I’ve been able to lean on my other half, who has a certain penchant for remembering these vital details.
But, if I was on my own when I forgot my PIN, I would have resorted to using the three attempts to potentially block my card or crack the code. Alternatively, I could bring the transaction total down to under £30 and make use of the contactless card payment limit.
Future technology – safer than PINs?
We’ve already adopted contactless systems such as contactless cards and Apple Pay in the UK. Paying via these methods has rocketed by 200% since the payment limit was increased from £20 to £30 in October.
But there are some not-so-distant plans for new biometric technology, including vein pattern scanners, fingerprint readers and voice recognition systems. Lloyds Banking Group is currently testing a wristband that can identify a person by their heartbeat pattern. Experts believe that these systems will be so unique to the customer that fraudsters will be incapable of imitating us.
So what do you think the future holds? How do you think you will you be paying for your weekly shop?
No (50%, 66 Votes)
Maybe (32%, 42 Votes)
Yes (18%, 24 Votes)
Total Voters: 132