MasterCard is rolling out a suite of card security measures for online commerce - from 'pay by selfie' biometrics to SMS-delivered one-time passwords - under the brand Identity Check.
According to a MasterCard survey of 10,000 consumers in 17 countries, 53% of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts. As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets.
The card scheme says the use of technology and data to secure identities online will move from a reliance on what the consumer knows (passwords), to what they have (mobile phone or other smart device) and who they are (biometrics).
“Today, people shop on all sorts of devices, and they expect technology to simplify and secure the transaction,” said Ajay Bhalla, president of Enterprise Security Solutions, MasterCard. “This is exactly what Identity Check delivers.”
MasterCard is currently working with International Card Services (ICS) in the Netherlands on a trial that will see 750 ABN Amro credit card users ditch passwords, PINs and confirmation codes and instead pay online through fingerprint and facial recognition.
Bhalla says the full suite of Identity Check options will be rolled out to US banks during 2016, with a global expansion planned for 2017.