Financial services providers, Visa and MasterCard improve security for online transactions.
Financial services providing companies, Visa and MasterCard are working together to strengthen security for online transactions. They are working on creating a new authentication method that will replace the prevalent 3D Secure pin. The new security measures will use “invisible authentication” and there would be lesser password prompting, along with support for a wide range of biometric security measures.
According to a statement issued by MasterCard, this security upgrade could be the biggest security overhaul that online banking has ever seen and the system could be adopted as early as in 2015. Technology is transforming the way people live their lives. With technology constantly evolving, organization need to keep adapting to the changing trends.
The era of personal computers has gone and it is being replaced by mobiles and tablets. According to MasterCard, by 2018, payments on mobiles will represent 30% of all payments made online. The new approach will use more of the cardholder’s data and this would result in lesser authentication steps for users.
Ajay Bhalla, MasterCard President of Enterprise Security Solutions said, “All of us want a payment experience that is safe as well as simple, not one or the other. We want to identify people for who they are, not what they remember. We have too many passwords to remember and this creates extra problems for consumers and businesses.”
MasterCard has invested in biometric device maker Bionym.