Mastercard is retiring the signature for in-store credit or debit card purchases in Canada and the US as of April 2018, the company announced with a post to its website Thursday. More than 80 percent of in-store transactions with a Mastercard are already made without a signature, according to the post, and eliminating the little-used practice makes no difference to security. While post author Linda Kirkpatrick, Executive Vice President, US Market Development notes that the change may seem radical to
Mastercard has launched Early Detection System, a new service that provides issuers with a unique advanced alert for cards and accounts that detects a heightened risk of fraudulent use based on their exposure to security incidents or data breaches. Considering that not all compromised accounts will be used fraudulently, and a quick response time is crucial in these situations, Mastercard developed Early Detection System to help financial institutions take action more rapidly in an effort to preempt more serious attacks.
UniCredit Bulbank of Bulgaria recently completed the first European trial of Mastercard’s biometric card, which combines chip technology with fingerprint technology to verify cardholders’ identity for in-store purchases. The biometric card works similar to any other chip card whereby the cardholder inserts the card into a retailer’s terminal while placing their finger on the embedded sensor. The fingerprint is verified against the template and, if the biometrics match, the cardholder is successfully authenticated and the transaction can then be approved.
This is a guest post by Thomas Yohannan, a mentor at Alchemist Accelerator. MasterCard rolled out an interesting initiative a few weeks back in South Africa. The company developed cards with an additional layer of security to counteract fraud — a biometric fingerprint sensor. By combining chip technology with your fingerprint, the company can now verify the cardholder’s identity for in-store purchases. The process is quite simple in that you stick your card into the terminal during payment. The biometric
As the biometric industry continues to grow BiometricUpdate is bringing a new focus to the stories around the stocks in the sector. Check in with this space each week for a rundown of the financial news and interesting ideas from the week that was. This year of 2017 has been a banner one for technology stocks. Nasdaq is still trading near the record high of just a month ago. The so-called FANG stocks (Facebook, Apple, Netflix and Google) have outperformed
Token, a biometric identity ring that streamlines the process of authentication throughout your day, has officially launched. Supported by partners including Mastercard, Microsoft, FitPay and the FIDO Alliance, Token is available for presale now on its website beginning at $249, and will begin shipping to users this December. Token serves as a seamless solution to manage various credentials while leveraging a proprietary continuous two-factor authentication method to ensure no one but the authorized user can access the protected credentials. The
As the biometric industry continues to grow Biometric Update is bringing a new focus to the stories around the stocks in the sector. Check in with this space each Friday for a rundown of the financial news and interesting ideas from the week that was. The data chain between Nasdaq and several media outlets was accidentally fed incorrect data on July 4th. For a while the data feed to several major websites suggested shares of tech stocks such as Amazon
As the biometrics industry continues to grow and expand Biometric Update is bringing a new focus to some of the stock stories in the sector. Check in with this space each week for a rundown of some of the financial news emerging out of the group of biometrics industry stocks we like to follow. – Might a new wave of government-based biometric business be about to emerge in Canada? Seems so. The trendy magazine Vice reports this week that, “For
Despite a strong consensus among consumers and banks that biometrics should replace passwords for access to financial accounts, knowledge gaps are slowing the transition, according to the report “Mobile Biometrics in Financial Services: A Five Factor Framework,” released Tuesday by researchers from Oxford University and Mastercard. Since 93 percent of consumers prefer biometrics to passwords, according to researchers, and 92 percent of banks want to adopt biometric technology, its adoption should be advancing rapidly. Only 13 percent have deployed biometrics,
Safran Identity & Security is providing biometric card software and manufacturing capacities for Mastercard’s next generation biometric card. The new payment card combines chip technology and biometrics to provide a strong and convenient authentication method at the Point of Sale (POS). Cardholders can place their finger onto the card, at which point their fingerprint is matched against the biometric template on the card. By linking a person’s biometric identity to a payment card, Safran is opening up a wide range