Is a Safe, Safe Enough Today?

Monday, Jul 09 2018 01:00 PM

The Personal Identification Number or PIN has been a mainstay as a layer of security since the early 1960s as a means for banks to transfer sensitive information. Ranging from at first 4 and then later to 6 digits, this layer is fast becoming inadequate as a security measure. There are “security protocols” placed in the Terms & Conditions by banks and institutions regarding the use of the PIN, such as changing it regularly, not sharing the combination with others, not writing it down and discreet storage of card. These practices are subjective to owners. Hence the PIN security layer inherently has vulnerabilities.

RFID cards remove the inconvenience of memorizing a PIN, but it binds the access to the bearer of the card and not the owner. RFID malfunctions and are prone to be cloned by savvy hackers too.

Placing safe boxes in residences open access to frenemy and domestic helpers, moreover, it does not protect contents from fire hazards from neighbours. Most safe boxes are light and they use a combination of PIN and an optional key, both of which are also not bound to the owner but to the bearer.  

Recently biometrics excels as an acceptable form of security; border security, banking, mobile phones have impeccable security systems based on voice, fingerprints, veins or face.

However, these standalone systems mentioned are not foolproof in the information age, no single-phase authentication system is adequate. The solution moving forward if true security is to be achieved is to adopt a multi-phase security system, with each phase compensating for the vulnerabilities of the phase before, enhancing user privacy and security.

Over a decade ago, an autonomous and automated safe deposit box facility was conceptualized. Designed from the get-go to not only be a secure but completely private facility, our team sourced for the components that would go into our multiphase security system with a built-in fail-safe mechanism.

The final piece of the puzzle was to offer to our discerning clients an offsite, private and truly secure system in the 21st century.

 

For more information on Vault@268, please click here.