The Day the Mighty Case(Y Convenience over Security) Struck Out!

Wow. American's ranked "financial security" as their top security fear!

So, to all those who continue to argue the "convenience" over "security" issue, it seems that "convenience" isn't such a good marketing ploy after all... is it? Hate to say I told you so! NOT!!! As I've stated all along, a "secure" software PIN Debit application (notice I didn't say "solution") is a Figment of the PIN-agination!

At the end of the day, perception rules, and if EFT Networks or Financial Institutions want to sell convenience over security, when financial security is American's biggest fear...then one might say they are barking up the wrong tree. I understand why they want software over hardware. It's more convenient! But according to this latest Unisys Security Index report, American's aren't buying it.

So, let's review:

• Convenience vs. Security. (Security Wins!)
• Card Present Rates vs. Card Not Present Rates (CP rates [are] lower...and thus CP Wins over CNP.)
• Hardware vs. Software (Software responsible for 92% of all breaches, Hardware, 1%, (Hardware Wins)
  

So, in three pitches, it look's like, with an 0-3 count, a software application for PIN Debit STRIKES OUT! Hope this "opens" some eyes to which company has the right pitch. (and which one is throwing the industry a curve, which has the screwball...and which...(nevermiind...I'll keep the knuckle comment in my head) Batter Up!

Enjoy Opening Day!

From the Unisys Security Index:

Nearly 75 percent of Americans believe that the global financial crisis increases their risk of identity and related fraud, according to the Unisys Security Index due to be released on Monday.

More than two-thirds surveyed said they are extremely or very concerned about other people obtaining and using their credit and debit card data, with 90 percent at least somewhat concerned.

Credit and debit card fraud is the top security concern for people, with 68 percent saying they are extremely or very concerned. And 66 percent said they are seriously concerned about unauthorized access to or misuse of personal information.

More than 40 percent of respondents said they are extremely or very concerned about security related to viruses and unsolicited e-mail.

Overall, people are more worried about their financial security and less worried about national security than in previous surveys, according to the survey.

The survey of more than 1,000 respondents in the U.S. was conducted from February 20-22.

Click here to download the full report. (PDF)

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