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News

GrIDsure calls for changes to Chip and PIN payment system

Gridsure : 14 October, 2008  (Technical Article)
With continuing instances of retail point of sale fraud, GrIDsure believes that it is time to change from using fixed PIN codes for financial transactions
MasterCard users have become the latest victims of sophisticated Chip and PIN fraud across Europe, which includes up to 40 stores across Britain involving the likes of Asda, Tesco and Sainsbury's that may be linked to extremists in Pakistan. GrIDsure, the developer of a revolutionary new approach to authentication is calling for affirmative action to avoid further embarrassment for the UK banking system in these troubled times.

Jonathan Craymer, chairman of GrIDsure commented: "While Chip and PIN scams are becoming more and more frequent, it seems that nobody is willing to address the issue head on. It is blatantly obvious that Chip and PIN's reliance on a fixed PIN number is leaving the system vulnerable to attack through sophisticated scams such as this recent one involving MasterCard customers. I wonder how many more people will fall victim to scams like this before the industry stands up and takes action.

"The fact that people's PINs have been captured along with their card details also raises the issue of liability. It is notoriously difficult for consumers to prove that a transaction is fraudulent when their PIN has been used to confirm the transaction - which leaves MasterCard and its users in an extremely difficult situation. The security of the Chip and PIN system can immediately be increased with the introduction of one-time PINs and it's time to find a solution that effectively addresses transaction authentication, not just on the UK high street, but also online and abroad.

"This recent spate of hacks, including the petrol stations scam by the convicted Sri Lankan gang with suspected links to the Tamil Tiger terrorist group, must have come as a kick in the teeth for APACS. Chip and PIN was introduced to put a stop to high street fraud, but as fraudsters begin to find their way around the system we have seen total card fraud losses increase by 14% in the first half of this year alone."
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