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PIN could be obsolete by 2020, Brits believe

A grim future awaits the PIN code, if Brits are to be believed. According to a recent survey, a majority of Brits believe PIN will be a thing of the past, and soon.

In a survey of 2,000 UK banking customers, financial technology company Intelligent Environments has found that two thirds of Brits (67 per cent) believe the PIN will soon be obsolete. When those respondents were asked to predict how quickly this might happen, the average response was just under five years.

On the other hand, 32 per cent believe the PIN will never die out.

The research also indicates that for most UK banking customers, the PIN may be outdated – almost a third (32 per cent) said they had never changed their PIN, while 37 per cent said they are the only ones that know their PIN.

Intelligent Environments has called on banks to start innovating.

David Webber, managing director of Intelligent Environments, says: “The research indicates that banking customers may be losing faith in the PIN. As criminals continue to adopt new methods to commit fraud, people clearly don’t have confidence that the PIN is strong enough to protect what’s most important. In addition, many customers’ failure to observe basic PIN security measures demonstrates a dangerous ambivalence, which could be putting them at risk.“

“Innovative alternatives to the PIN are not only possible, they’re preferable, since they not only make accounts more secure, but they enhance the banking experience for the customer. Whether or not Brits are right about the PIN being dead within five years, it’s clear that banks need to act now to change the current security landscape.“