Samsung has brought the industry’s first credit or debit card with a fingerprint security chip inside. There is a secure processor built-in through which users can make payments in stores to buy anything.
This concept is not new as previously Samsung and Mastercard join hands to bring a fingerprint secure card (i.e., Debit or Credit card). However, this time Samsung has provided an all-in-one security chip solution that no company has offered yet. The company has designed a secure chip that is embedded inside the card. Users can register their fingerprints by placing their fingers on the card. Then they will be able to make payments securely as there is no need to provide a pin while making the payments. Users just need to place their registered finger on the chip and the payment will be processed.
This technology will make contactless payment more secure, safe, and efficient. Over the past two years, contactless payments have grown globally but there is always a security risk with that as users can also make payments with the lost cards.
As per Samsung:
“The new security IC solution combines a fingerprint sensor, Secure Element and Secure Processor in one chip, with enhanced security features enabled by Samsung’s proprietary fingerprint authentication algorithm and anti-spoofing technology”
According to Samsung, with this technology, there is no need to remember a PIN while making the payments. So, it will eventually stop any fraudulent transactions or transactions made through lost or stolen cards. With this one the owner’s fingerprint is required to make the payments in the stores.
“S3B512C combines a fingerprint sensor, Secure Element (SE), and Secure Processor, adding an extra layer of authentication and security in payment cards,” said Kenny Han, Vice President of System LSI Marketing at Samsung Electronics. The S3B512C is primarily designed for payment cards but can also be used in cards that require highly secured authentications such as student or employee identification, membership, or building access. To safely and accurately verify the user’s identity, the new IC comes with a proprietary fingerprint authentication algorithm and a Secure Processor that extracts and analyzes the unique features of the fingerprint placed on the sensor. Furthermore, the chip’s anti-spoofing technology prevents unauthorized users from circumventing the security system with illegitimate methods such as artificial fingerprints.”
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