Is Credit or Debit Card PIN a Electronic Signature as per the Law ?
Is Credit or Debit Card PIN a Electronic Signature as per the Law ? For Lawyers across the world, click and wrap agreement i.e. the act of ticking an icon in the shape of a box to accept the terms of a contract can hardly count as a form of signature. In the physical world, that must be right. Similarly, it might be questioned that a personal identity number (PIN) can also be considered to be an electronic signature. Arguably, the PIN combines two functions. Before considering the two functions, consider the requirements of the bank. The bank needs to satisfy itself that: 1. The card is legitimate (this is difficult to achieve, as the reports about fraud demonstrate), and 2. The card is in the possession of the customer to whom it was issued, or a person authorised by the customer to use the card. If the bank satisfies itself that its computer systems are interacting with the card issued to the customer (which is not always the case), then the computer system...