Security firm calls for new authentication methods
News that the Chairman of Barclays Bank has become the latest victim of identity theft has shown that no-one is exempt from financial fraud, said GrIDsure.
GrIDsure argues that existing systems for proving we are who we say we are simply can't tackle the current climate of financial fraud.
“Chip and PIN isn't even two years old in the UK, yet its shortcomings are already clear.
Jonathan Craymer, Chairman, GrIDsure
"Chip and PIN isn't even two years old in the UK, yet its shortcomings are already clear," said Jonathan Craymer, Chairman, GrIDsure. "What we need is something simpler yet more secure than current methods of authentication. A one-time 'PIN' that provides a representation of your identifying 'secret', without actually divulging it, would immediately strengthen the security of the Chip and PIN system and similarly provide a better way for us to prove who we are whether at a till point, online or over the phone."
"It is particularly bold on the part of the fraudster to choose Marcus Agius given his position in the industry, but the key point is that we're all vulnerable," continued Craymer. "We can only hope that with influential figures in the financial industry being personally affected, it might encourage the banks to seriously consider how customers can be better protected."