MyPINpad and VocaLink bid to digitise consumer PINs

Would this replace 3D Secure? looks like the issuer could mandate it (instead of relying on the merchant to ask the cardholder to use 3D Secure).

Digitising a 4 DIGIT number. Interesting....

Good for them! If it really can work for Telesales, it will provide auhentication where one doesn't exist at the moment and help fill a huge retailer hole for fraud where the risk is currently all theirs. If it can obviate the need for 3D Secure even better! 

Good times coming for fraudsters if this gets wide adoption! Even if myPINpad is totally secure, phishing sites (and text messages and push notifications) will spring up overnight requesting the customer to enter their card PIN and harvesting the results. So much for all the banks' investments over the years in keeping PINs secret. Social engineering trumps technology every time.

Tom, thank you for your comments and interest in our solution. We appreciate the point you have raised and would very much like the opportunity to speak with you offline to explain why and how our solution negates the potential threats you mention. Are you free for a call to discuss this? Please get in touch on info@mypinpad.com and we can arrange a convenient time. Thanks.