Though Black Friday spending was up this year for all card types, PIN debit transactions grew faster than credit and signature debit combined, and ...
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Editor's Note: That's promising news...but...Guess What? Here's more (promising news that is...) Ready? I "promise you" that the results from "Cyber Monday" won't be anywhere near the same. They should/would be but....and this is a big butt...
Even though HomeATM was PCI 2.x PED Certified (the only company in the world with that designation) genuine PIN Debit is not available for eCommerce transactions. Why you ask?
Because...Visa and MasterCard must give their approval. Until then, how on earth would PIN Debit transactions grow faster than credit and signature debit combined...on the web? Oh...and apparently, even though they provided HomeATM with PCI 2.x PED Certification, apparently that doesn't (in their eyes) count as approval. (making us the first and only device with PCI 2.x PED approval that apparently has to go through an extra step)
There is some good news though. Based on the fact that a "Card Present" transaction is about 25 times more secure than a "Card Not Present" transaction, and PIN Debit is about TEN times more secure than Signature Debit, Visa and MasterCard are extremely excited about bringing PIN Debit to the web!
We just have to get around one major stickler. The less secure the transaction, the more money V/MC and the Banks make. Shouldn't be too tough of a hurdle. Ya think? After all, at the end of the day, V/MC doesn't want to lose the faith of both the eCommerce consumer and internet retailers alike. They will protect both, right? So, until we get the gohead from V/MC we are in limbo.
Of course, there IS a PINmaginative way to get around that hurdle. You can come up with a fake/alternative less secure PIN Debit application, charge higher Interchange than the more secure/genuine PIN Debit then "make" consumers and internet retailers "believe" they are using Internet PIN Debit.
Just takes a little PIN-magination. You just gotta make ('em) believe...
Let me "illustrate!" (pun intended) Let's PIN-magine that someone came up with fake PIN Debit and simply call it Internet PIN Debit.
I call it the Mighty Mouse approach. (here I come to save the day!) by luring the EFT networks with cash/money.
But it's not the real deal. The real deal "requires" the card to be swiped (not typed) in order for the data contained on the magnetic stripe to be read. (the magstripe contains "key" information, such as the PIN Verification Value and the PIN Verification Key Index) Otherwise, you would be able to go to MasterCard or Visa's website and look up Internet PIN Debit Interchange Rates. (which you can do, but you won't find it...because, like a Unicorn, it doesn't exist) More bad news about using the "mighty mouse" approach. A new trojan can do the same thing to a mouse it does to the keyboard. (See: Limbo 2 Trojan Bad News for Floating PIN Pads (and Meeses)
Hence...the ONLY way to conduct a GENUINE PIN Debit Transaction (securely) is to Swipe the Card and Enter the PIN.
So I ask you the following question based on these FACTS...
- If HomeATM designed, patented and manufactures the ONLY PCI 2.x Certified PIN Entry Device designed for eCommerce use
- If PIN Debit is growing faster than Credit and Signature Debit combined
- If Card Not Present Fraud is the fastest growing fraud,
- If anything you type/enter into a browser can be hacked
- If SSL is critically flawed
- If hackers are becoming more sophisticated
- If financial fraud on the web is at it's highest level
- If the Web has NEVER been MORE Dangerous
- If 73.7 Percent of Consumers Would Rather Swipe than Type (see graphic below under "related articles")
- If eCommerce is growing exponentially, yet is unsafe... etc.
WHY on Earth would Visa and MasterCard "not be" ecstatic about a patented solution that would eliminate Card Not Present fraud, that "Doesn't use the Browser," 3DES DUKPT Encrypts the PIN
(AND the Track 2 data) and was...here's my favorite part: ..... "CERTIFIED BY THEM?" (V/MC)
Anybody? Hint: "not be"
If you're stumped like me you'll find the only conclusion I could come up with below.
But first a message about what is sponsored...
You'll see green alligators and long-necked geese
Some humpty backed camels and some chimpanzees
Some cats and rats and elephants, but sure as you're born
You're never gonna see no unicorns - The Unicorn Song
Click Play to Listen to "Never Gonna See No Unicorns"
while you contemplate the question...
Done thinking about why they (V/MC) wouldn't be ecstatic?
Still Stumped?
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