Digital financial services software provider, Intelligent Environments has announced the launch of a new service that utilizes popular emoji characters as a real alternative to PIN-only passcodes for mobile banking. According to the company, the ‘Emoji Passcode’ can be integrated into its Android digital banking application and allows consumers to create a secure password from up to 44 different unique emoji.
Intelligent Environments states that the emoji technology is more secure than traditional PIN-only codes as it offers nearly 500 times more options and prevents hackers from identifying common and easily obtainable numerical codes, like a consumer’s date of birth or a wedding anniversary. Commenting on the results, David Webber, manager director at Intelligent Environments said,
“We’ve had input from lots of millennials when we developed the technology. What’s clear is that the younger generation is communicating in new ways. Our research shows 64% of millennials regularly communicate only using emojis. So we decided to reinvent the passcode for a new generation by developing the world’s first emoji security technology.”
With online and mobile banking fraud growing around the world, the use of new security and authentication measures is becoming more significant. While this new emoji service might struggle to be taken seriously initially, it does offer a solution that could become widely popular with consumers and making mobile banking more fun, particularly to the ever important millennial generation.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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