March 6, 2016 -
Biometric authentication firm Daon announced that MasterCard is using its IdentityX Platform as one of the authentication technologies behind MasterCard Identity Check.
The app-based authentication solution, or “Selfie Pay”, uses a mobile device to secure online payments and mobile banking applications using fingerprints and facial recognition.
MasterCard Identity Check takes a layered approach to security, including device cryptography, geolocation, and biometric verification. This approach gives consumers a safe and easy way to make payments online and benefits banks with increased approval rates, more consumer choice, improved cardholder loyalty and a strong fraud protection tool.
Most significantly, the technology will help merchants reduce cart abandonment thereby helping to drive revenue.
Tom Grissen, chief executive officer at Daon said, “The IdentityX Platform was designed with an eye toward the future, allowing for easy integration of new biometric modalities as they become available and to provide enhanced security over a singular reliance on device fingerprint sensors, which allows for step-up authentication on particularly risky transactions.
“Daon is dedicated to sharing this journey with MasterCard to provide cardholders with an easy, convenient and secure way to assert their identity online.”
“We’ve been working for some time to blend our own know-how and experience with best-in-class technology across the globe to make online shopping even easier,” said Bob Reany, executive vice president for Identity Solutions at MasterCard. “Recent consumer trials showed the benefit of integrating Daon’s platform, as consumers overwhelmingly preferred biometric authentication over passwords because they are easy and safe to use.”
MasterCard recently said that it plans to roll out its new payment verification platform this summer in the UK, Canada, US, the Netherlands, Belgium, Spain, Italy, France, Germany, Switzerland, Norway, Sweden, Finland and Denmark.