Infosec Europe 2008 Special Report

Banks should exploit KEY and PIN system to combat fraud crimes.

Massive increase in fraud crimes should make the government and banks realise that their data protection and Chip and PIN systems are diverting rather than deterring fraud crimes. Fake documents have made our signature system unreliable while skimmers and pin-hole cameras etc. have made PIN system unreliable. We have option to make signatures reliable by personalising them with ID stickers and option to use Card Key Code to make PIN system reliable to make use of stolen and skimmed cards meaningless. By ignoring to exploit this system banks are only letting fraud crimes grow. ID KEY system will eliminate the need for us to protect our personal and card details since fraudsters will be deterred from misusing these stolen details. Proposed ID KEY can be treated as a reliable international ID card because it will personalise signature and PIN number to only the right individuals in any country. We hope that the government and banks will appreciate these details and exploit KEY and PIN system before it is too late to stop a fraud boom.

Posted by: Roger 22 Apr 2008