Page 8 - GS20901

ReadersSpeak

Why the world needs PIN "PIN is widely accepted as a safe, secure way to pay, and
PIN entry has become a habitual behavior in the UK and
e wish to thank Justin Pike, founder of Europe. Accelerated by COVID-19, cash usage is down
MYPINPAD, for sharing his views on PIN by half. With in-person shopping options limited and a
authentication's important role. The follow- need to avoid crowds, more people are shopping online.
W ing is excerpted from his note: But with inexperienced people shopping digitally, online
fraud has risen by 50 percent since January 2020—a
"When PIN authentication was introduced in the UK in preexisting challenge exacerbated by COVID.
2004, losses due to the fraudulent use of credit and debit
cards fell by 13 percent in the first year, use of cloned or "Contactless, is at the forefront of consumer protection
skimmed cards dropped by 25 percent, and use of lost because it enables payment without physically touching
or stolen cards fell by 22 percent. This trajectory has a terminal. However, contactless payments have
continued. traditionally been available only for small sums, with PIN
mandated by the Strong Customer Authentication (SCA)
"The combination of PIN's vast security and simple requirement of the EU Revised Directive on Payment
customer experience—which merely require consumers to Services for larger transactions and every fifth contactless
enter a four-digit number into a terminal at the POS rather transaction.
than relying on signatures or biometrics (that can be
forged)—quickly led to its widespread globally. But some "If we reflect on consumers who are new to ecommerce,
countries, such as the United States, still rely on signatures and the needs of all consumers coupled with SCA
with card payments and continue to report high levels of requirements, the simplest, most secure way to transact
payment fraud. For example, in late 2019, 77 percent of online is the PIN."
U.S. merchants reported they had experienced some type
of fraud, and that their efforts to manage security had PIN authentication in the US?
impacted their businesses' bottom lines. Should the United States employ PIN authentication at the
POS? Weigh in at greensheet@greensheet.com.

Get

ACQUISITION & GROWTH CAPITAL Working
Capital!
Loans Up To $5,000,000

FOR BUSINESSES WITH MONTHLY
RECURRING REVENUE (MRR)
Independent Sales Organizations (ISO’s)
Managed Service Providers (MSP’s) YOUR BUSINESS Apply Today!
SaaS, IaaS, PaaS, Cloud
Independent Software Vendors (ISV’s) Super G Capital 1,000,000
LOANS UP to $5,000,000
Point of Sale Vendors www.SuperGCapital.com
Insurance Agents and Brokers
FAST & EASY FUNDING Borrow against your MRR! Super G Capital
Flexible Amortization
Non-Dilutive
Senior and Junior Debt Solutions
USE THE FUNDS FOR
Acquisition Hire More Sales Reps
Buyout an existing partner Increase Marketing
Geographic Expansion Purchase A Portfolio
Bridge the Gap between upfront costs Upgrade Equipment CONTACT JON ENGLEKING
and time they receive payment and Technology 800-631-2423 x 112 or
supergcapital.com Jon@SuperGCapital.com