New EU regulations to increase number of transactions secured by biometrics
New EU regulations requiring strong multi-factor authentication for certain types of payments which will go into effect in September 2019 could increase the number of transactions secured by biometrics from less than 2 percent to 25 percent, Independent.ie reports.
The increase is predicted by Mastercard, which sees biometrics as an effective way to meet the increased requirements for cardholder authentication included in the European Banking Authority’s Regulatory Technical Standards (RTS) on common and secure communications (CSC) and strong customer authentication (SCA), which were published in March.
“In payments technology this is something we’re closing in on as we move from cash to card, password to thumbprint, and beyond to innovative technologies such as artificial intelligence,” says Mastercard Ireland Country Manager Sonya Geelon. “It’s far easier to authenticate with a thumbprint or a selfie, and it’s safer too.”