FB pixel

MIDAS Alliance formed to resolve security issues and promote authentication innovation

 

Various companies in the security industry have collaborated to establish the MIDAS (Mobile Identity Authentication Standard) Alliance, in an effort to resolve potential issues caused by the European Central Bank’s (ECB) SecuRe Pay guidelines.

The European Central Bank (ECB) is pushing for greater security standards in the form of the SecuRe Pay guidelines, which will go into effect in August.

Most current mobile wallets will not meet the security standards for online and in-store payments across Europe.

The alliance’s main objective is to promote information security and authentication innovation through industry-wide collaboration.

FICO, Experian and Facebanx are the first organizations to join the MIDAS Alliance while other major companies are expected to follow suit.

“I believe this kind of information sharing is critical,” said Brian Kinch, a senior director of FICO and founding MIDAS member. “To prevent security breaches, we need to bridge the gap between what the regulators are seeking and what the financial services industry is doing.”

“I was delighted to be invited as one of the founders of MIDAS and explain the complex issues around biometrics, particularly as it is a fundamental requirement of SecuRe Pay,” said Matthew Silverstone, the CEO of Facebanx, a global leader in biometrics. “In the end the idea that the customer could choose from any one of four different biometrics – face, voice, eye and fingerprint -seemed the easiest solution from both a customer’s and a security perspective.”

The MIDAS Alliance will hold its first public meeting at FICO’s London office in Hays Lane on July 10 at 10.00 am. Personal membership for MIDAS Alliance is free.

Article Topics

 |   |   |   | 

Latest Biometrics News

 

St. Kitts and Nevis chooses Cybernetica as strategic adviser for digital ID system

St. Kitts and Nevis has chosen Cybernetica as strategic adviser as it implements a national digital identity system. Cybernetica is…

 

UK needs unified regulation for facial recognition: Biometrics Institute

The UK needs a clearer and consistent framework for governing facial recognition in public spaces as missteps in deploying the…

 

Cambodia: IDPoor Programme alleviates poverty as system continues digitization

The United Nations Development Programme has provided additional ICT equipment for Cambodia’s IDPoor Programme. The equipment includes 546 tablets, software…

 

Growth of digital wallet use shaking up payment regulations and benefits delivery

Digital wallets are transforming online, offline and cross-border payments around the world, prompting calls for regulatory change in Australis and…

 

Sardine nets $70M in Series C funding for automated fraud prevention platform

Sardine, a startup that employs machine learning for fraud prevention, compliance and credit underwriting, has announced a $70 million Series…

 

Indonesia aims to boost digital ID uptake in bid for greater efficiency

Indonesia is digitizing its civil registration services in a bid for greater efficiency as the country’s citizens enjoy improved convenience…

Comments

16 Replies to “MIDAS Alliance formed to resolve security issues and promote authentication innovation”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events