Starting April 2019, online shoppers in Europe will be able to use biometrics as a way to identify themselves when they pay with Mastercard. Citing the increased availability of biometric capabilities on tablets and smart phones and consumers’ preference for these kind of solutions, Mastercard says that the time is ripe for enabling biometric validation solutions for digital payments. Research from Mastercard and Oxford University last year found that 93 percent of consumers prefer biometrics over passwords for validating payments
IDEX hosted an investor presentation on “Capturing the Second Biometric Wave” with CEO Dr. Hemant Mardia, CFO Henrik Knudtzon, CTO Fred Benkley and Chief Products Officer Stan Swearingen this week at CES 2018 in Las Vegas. The second wave, IDEX says, consists of larger sensor sizes, driven by usability and security, the decoupling of sensing elements from silicon, which significantly decreases sensor cost, and the integration of digital intelligence into the driver ASIC. The company noted Mastercard and University of
The payments industry is in the midst of a shift toward strong forms of authentication. Mastercard’s decision to retire the signature for in-store purchases in the US and Canada in 2018 represents one part of this shift, as do a series of recent announcements related to the company’s use of new identity technologies including biometrics for mobile devices and credit cards. The proliferation of effective tools for authentication on newer mobile devices, and the use of on-device matching are two
HYPR has been named to the latest class of Mastercard Start Path. Coming on the heels of the authentication solution provider’s recently announced Series A funding round of $8 million led by RRE Ventures, Mastercard’s strategic investment further enables HYPR’s decentralized authentication solutions to extend into the millions of users across the Mastercard payments ecosystem. “The importance of secure authentication has never been greater,” said Roman Kadinsky, COO of HYPR. “Working with Mastercard allows us to bring our decentralized authentication
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