Although the Pin and Chip revolutionized the digital banking system allowing customers to conduct their own deposits and withdraws, the technologies have demonstrated vulnerabilities. Chip and pin standard often fails given that the semiconductor functionality becomes vulnerable to both hardware and software breaches. The semiconductor process calculates a standard deviation algorithm, which can be breached. In an ATM scenario, hackers can clone different type of cards and breach the standard deviation functionality (Onur, 2011, p. 120). As well, simple attack techniques such as phishing present how vulnerable the system could be to attackers.
In hybridizing the pin and chip with biometric authentication the following standards should be considered
1.1 The technology should conform to the established HIPAA law that regulates on health insurance
1.2 The technology should be less vulnerable or feature zero vulnerability as compared to Pin and Chip card.
1.3 The technology should be less costly to implement, and easier to administrate.
1.4 The technology has to have a backup for preserving the history
1.5 The technology should be easily configurable, preferably through a common access operating system such as iOS Android and Windows
1.6 The technology should allow users to administrator their security policy, via their Smartphone devices
Impact on Business Environment
Replacing chip and pin with biometric authentication enhances banking security. Biometric authentication such as Face detection, hand palm geometry, iris recognition, and fingerprint scanners successfully replaces the chip and pin authentication system will be easy to adopt in the industry, given most handheld devices such as Smartphone already have hardware and software support for biometric authentication (Kanade et al., 2005). Businesses can improve their chip and pin security once biometric authentication is adopted, greatly minimizing the cost of security administration. Besides, businesses will continue bettering their ability to eliminate a semiconductor chip and Smartphone cards, a technology that has proven to be vulnerable to hackers.
Onur, T. R., & Li, P. (2011). Recent topics on the modeling of semiconductor processes, devices, and circuits. Hilversum, the Netherlands: Bentham Science Publishers.
International Conference, AVBPA, Kanade, T., Jain, A. K., Ratha, N. K., & LINK (Online service). (2005). Audio- and video-based biometric person authentication: 5th International Conference, AVBPA 2005, Hilton Rye Town, NY, USA, July 20-22, 2005: proceedings. Berlin: Springer.Thomas, J. (2018). Individual Cyber Security: Empowering Employees to Resist Spear Phishing to Prevent Identity Theft and Ransomware Attacks. International Journal Of Business And Management, 13(6), 1. doi: 10.5539/ijbm.v13n6p1
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