A few people have given their views about the potential drawbacks of this proposal. http://tankinlian.blogspot.com/2012/01/suggestion-to-enhance-security-for-atm.html
I wish to ask for some views on the positive aspects of this proposal, compared to existing systems of authentication or non-authentication (apart from the 6 digit PIN).
In making an internet banking transfer or credit card payment, I receive a PIN through SMS and has to enter the PIN within a short time to authenticate the transaction. I find this method, which is commonly used, to be more troublesome. I would prefer to use my mobile phone to call a specific number to make the authentication, i.e. a pro-active authentication, rather than a reactive one.
What are your views?
I wish to ask for some views on the positive aspects of this proposal, compared to existing systems of authentication or non-authentication (apart from the 6 digit PIN).
In making an internet banking transfer or credit card payment, I receive a PIN through SMS and has to enter the PIN within a short time to authenticate the transaction. I find this method, which is commonly used, to be more troublesome. I would prefer to use my mobile phone to call a specific number to make the authentication, i.e. a pro-active authentication, rather than a reactive one.
What are your views?
9 comments:
It is a part of the culture in Singapore to focus on what can go wrong, and to think of the worst case scenario. So many things can go wrong, so it is difficult to take the plunge to make a change.
I wish to encourage people to think of the positive aspects as well. Do not worry that the proposed solution still has flaws. Remember that the current situation also has its flaws and is not perfect either.
If the proposed solution is better than the current situation - all things being considered - then a change should be made. Even if more problems arise, they can be fixed.
If you do not like my solution, you should suggest a better solution, or argue why the current situation is better.
What if you did not bring your phone or lost your phone....
I still think a smart chip is the way to go. Credit cards have it and they can double up as atm card. there is no need to rely on the magnetic strip. it is outdated technology.
Cost is the excuse that banks are using not to convert to smart card.
@LWL. Although credit card has smart chip, they are also subject to fraud. I agree that in the long term, we need to move to smart chip, but remember that there are tens of millions of existing cards with magnetic strip that need to be changed and perhaps 1 million ATM that need to be changed as well.
We need to find a solution within the existing environment, while we buy the time to introduce a new solution in 5 to 10 years time.
actually I think all ATMs in sg can take smart chip (because they can accept cash cards), its the oversea ones that may be troublesome
Smart chips could be lifted off stolen cards and pasted onto fake cards. This happened before, as credit cards were sent by ordinary post and were stolen by Singpost's workers.
The way I look at it, maybe one day we will all have to go back to using fingerprints like our grandparents.
Biometrics fingerprint technology is the best solution. You dont even need a ATM card or PIN number.
A one off implementation cost will solve this problem permanently, or at least until the day when fraudsters are advance enough to replicate finger prints. Than maybe iris reading or perhaps even instant DNA identification would be the next generation identity authentication method.
Already implemented in some countries...
http://www.popsci.com/technology/article/2010-05/poland-installs-europes-first-biometric-fingerprint-scanning-atm-machines
http://banking.about.com/od/securityandsafety/a/biometricatms.htm
ATM cards are so backwards really.
I remembered such atm card skimming issues did happen in malaysia some years ago. And i think most(if not all)of the malaysia issued bank cards are now embedded with smart chips. I believe this was an effort to counter the atm skimming stuff. Well, this could be one of the ways to go forward for now. It seems to be working for them. But having said that, technology is always evolving. Nothing is 100% foolproof. Security technology is big biz.
Banking Security DIY:
Open your DBS/POSBank internet bank account>Service Request>Request for ATM Limit>set your daily withdrawal limit $500/1000.
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