Mastercard Is Scrapping Password And Replacing It With Biometric Check
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Payment technology behemoth Mastercard has hinted that it will soon scrap passwords from its portal as it plans to introduce a new biometric feature.
This is coming over ten years after Mastercard joined the Fido Alliance. Mastercard’s new biometric service aims to streamline processes on its platform. It will make it easier for users to make payments online or log into apps.
Once businesses have incorporated or integrated the new feature, they need to educate their users on how to use it. According to Mastercard, the biometric feature is both easier and safer, considering that there have been several incidences of password breaches across several industries.
Mastercard Says The Technology Is More Convenient
The service will be provided in collaboration with Fido. Unsurprisingly, the new feature is based on the latest standards set by Fido for online safety. The new biometrics feature will include a passkey stored in the user’s phone; unlocking it with the face or fingerprint will give the user complete access to the network or website.
Mastercard says that besides the biometrics feature being more secure than passwords, the technology is also more convenient.
Despite multi-factor authentication and passwords, hackers and scammers are still finding their way into victim’s accounts. But with a Biometrics authentication, users will feel safer. Additionally, they no longer worry about misplacing or forgetting their passwords when using biometrics checks.
Mastercard Is Working With Partners Globally For The Project
Authentication can happen within the mobile app or browser. The user does not need to toggle between multiple devices or apps because the user can use their preferred biometric, such as fingerprint or FaceID.
Dennis Gamiello, the head of Identity Products and Innovation at Mastercard, commented on the development. “Roughly 80% of confirmed data breaches are related to weak or stolen passwords”, he stated, pointing out the dangers of sticking with passwords.
As the world evolves and embraces digital life, Dennis believes biometrics will be a safer option for users online.
Mastercard is working with its partners to scrap passwords and replace them with biometrics features. The company wants to pursue this goal this year and hopes to get everyone on board. Mastercard and its partners want to provide a more secure environment for users. They believe that scraping passwords and introducing biometrics can reduce data breaches by more than 50%.
