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Mastercard, Federal Bank roll out identity check programme in India

Wednesday 18 December 2019 10:24 CET | News

Media Release - Latest figures show card fraud down but shoppers urged not to be complacent over Xmas Mastercard, the global payments technology company, has teamed up with Federal Bank to launch an ‘Identity Check’ feature for banks’ cardholders in India.Media Release - Latest figures show card fraud down but shoppers urged not to be complacent over Xmas

Based on the latest authentication standards of EMV 3-D Secure, Mastercard’s Identity Check is an authentication feature that boosts approval rates of digital transactions and improves the overall authentication experience for merchants, issuers, and cardholders.

The Identity Check feature enables banks to authenticate cardholders with a biometric solution that secures digital payments via strong two-factor authentication. The biometric solution replaces the use of static passwords, which are normally used for digital transactions.

Mastercard claims that implementation of Identity Check feature in other countries has led to the growth of digital transaction approvals by nearly 13%, according to Inc 42. The company is also working with the Confederation of All India Traders (CAIT), acquirer banks and fintech companies to promote digital payments acceptance infrastructure and its presence in India.
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Keywords: MasterCard, Federal Bank, biometric, EMV 3-D Secure, 2FA, two factor authentication, Identity Check, India
Categories: Fraud & Financial Crime
Companies:
Countries: India
This article is part of category

Fraud & Financial Crime