May 4, 2015 -
Mastercard recently announced at the Risk to Reward 2015 conference in London that it will be launching biometrics and tokenisation for a number of cards in Europe this year, according to a report by Business Reporter.
Speaking at the conference, Ajay Bhalla, Mastercard’s president of enterprise security solutions discussed how the credit card firm has been working with Apple Pay to develop a tokenization system for purchases.
As such, whenever an individual purchases an item using the card, a token or randomly generated number is used in place of the credit card number.
“We believe that by taking all these steps we will make the system more secure,” said Bhalla. “If a card is compromised it is the token which is compromised not the number on the card.”
Bhalla said the key to lowering the overall risk is to understand how significant the issue is and ensure that the right personnel are tasked with managing cyber security.
“It is important to make employees aware of cyber security risks to combat the human factor,” said Bhalla, adding that he believes that electronic payments are safe.
There are currently two billion customers around the world who use MasterCard’s products.
Previously reported, MasterCard’s EVP and group head of global products & solutions, discussed how the credit card firm’s $20 million cybersecurity plan will further existing technologies as well as MasterCard’s plans to bring biometrics to the mainstream.