MasterCard to launch password-free authentication standard

Thursday 13 November 2014 00:35 CET | News

MasterCard has been leading the co-creation of a new authentication standard aimed at upgrading online payments security.

The new system, which will replace the 3D Secure protocol, will benefit consumers, banks and merchants alike, with invisible authentication and far fewer prompts for passwords.

By 2018, payments on mobile devices are expected to represent 30% of all online retail sales and therefore the new standard will move security infrastructure beyond the PC era. MasterCard’s approach is to utilise richer cardholder data, which will result in fewer password interruptions at the point-of-sale. In the event that an authentication challenge is needed, cardholders will be able to identify themselves with the likes of one-time passwords, or fingerprint biometrics, rather than committing static passwords to memory.

MasterCard will also look to upgrade its SecureCode programme to support the new protocol. For this initiative, MasterCard has joined forces with Visa.

In recent news, MasterCard has added Paysera, an electronic payment institution, to its list of certified payment facilitators.

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Keywords: MasterCard, password, authentication, Invisible Authentication, online retail, online payment, online security
Categories: Fraud & Financial Crime
Countries: World
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Fraud & Financial Crime

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