MasterCard has introduced MasterCard Identity Check, a technology that has 'made online security more convenient', the company claims. According to MasterCard, the use of new technologies such as biometrics will change the game in online security - moving away from a reliance on what the consumer 'knows' (passwords), to what the consumer 'has' (smartphone).
MasterCard Identity Check will, in the company's words, 'put identity verification at the cardholder’s fingertips', using technologies such as biometrics and SMS-delivered one-time passwords.
The consumer authentication process is verified by recent research. According to a recent MasterCard survey, 53 per cent of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts.
As a result, the study found, more than a third of people abandon an online purchase. In fact, more than 50 per cent of those surveyed want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Ciara Mooney. To subscribe to ESM: The European Supermarket Magazine, click here.
