The partnership will deliver cards that don’t present any front-facing numbers, compared to standard-issue bank cards, which have a four-digit number on the back.
AMP operates as a digital bank across Australia and New Zealand and does not host brick-and-mortar branches. In 2023-2024, the total value of card fraud in Australia was USD 545 million, up from USD 425.47 million the previous financial year. The bank aims to tackle this challenge through collaboration and card makeover, claiming this move is one of many steps in supporting SMEs in Australia.
The bank aims to make cards less susceptible to fraud and scams by removing visible numbers. The cards are linked to the bank’s push for an app-only service, meaning only customers operating through AMP’s mobile app can access the cards. This way, customers can access their 16-digit number online through the app.
When they first sign up, users of the app are required to record a video selfie to prevent identity theft. Afterwards, they are encouraged to use face ID and fingerprint ID to enter the app.
Mastercard aims to take steps toward when it comes to payment security measures and offer cardholders additional protection against fraud and account compromise. Mastercard expressed its commitment to phasing out card numbers entirely by 2030. The numbers will be replaced with tokenisation and biometric authentication. Tokenisation will convert the 16-digit number into a different number acting as a token stored on the user’s device, so card information is never shared when tapping the card or phone to make a purchase or make transactions online.
The first rollout of these cards will be through AMP bank, and other banks are expected to follow in the coming year.
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