December 9, 2015 -
MasterCard recently conducted a global survey that found that advances in biometric authentication technology is slowly shifting consumers away from using passwords for authenticating online purchases, according to a podcast by Secure ID News.
These emerging biometric authentication technologies include the MasterCard Identity Check, the credit card issuer’s new payments system that enables consumers to make online purchases using facial or fingerprint recognition technologies.
In a survey of approximately 10,000 consumers, Mastercard found that 53% of shoppers said they forget their passwords on more than one occasion per week.
Additionally, more than one-third of these shoppers abandoned an online purchase after forgetting their password.
MasterCard recently completed pilots of MasterCard Identity Check in the U.S. and the Netherlands.
In the podcast, Bob Reany, senior vice president of identity solutions at MasterCard, discussed Mastercard’s development and implementation of a mobile and biometric authentication strategy for online purchases.
“The current implementation that was through the pilot had features of voice recognition, facial recognition, and accepting a fingerprint reader on a certified phone,” Reany said. “So those are the three modalities that we’re offering now but I can tell you that there’s a lot of other stuff out there.
“We’ll go through another round of enhancements probably in February or March where we’ll at least be piloting some other modalities that are emerging. some things around the eye are very interesting, facial recognition is enhancing from two-dimensional to three-dimensional, and there’s other scenarios too so we have a very open mind.”
Later in the interview, Reany reveals that Mastercard is also working on developing an authentication solution that uses wearable technology.
“Wearables is a really interesting thing for us because even though we think that biometrics is fantastic and we’ve had great results in the pilot, we also think there will be scenarios where people won’t want to do anything to authenticate themselves,” Reany said. “They’ll want to put on their wristband in the morning, they’ll authenticate themselves once, and they’ll walk around all day and things will just happen. Their car doors will unlock, their PCs will get logged onto, and they’ll buy stuff. So wearables is the next wave of technologies. It’s a little further out than adding modalities — that’s first, and then we’re still continuing through pilots and we’ll work on the wearables.”