Goodbye passwords, hello biometrics. The day may have come when all those safeguards techsperts say we need to use to protect ourselves – like multi-factor authentication (MFA) – will take a backseat to biometric authentication.
Instead of passwords or codes, a new service from Mastercard will use your fingerprint, the iris of your eye, or your face to verify your identity. No doubt, there’ll be some wringing of hands about this, given the rough ride biometric technology has had recently.
But Dennis Gamiello, an executive vice president who leads Identity Products and Innovation at Mastercard, says that when it comes to passwords, including one-time passwords used in multi-factor authentication, the time has come to leapfrog the scammer and replace the password with the person.
Gamiello claims that it's secure, fast, and works on both devices and websites, and it’ll make online life easier and safer for everyone.
Everyone means the consumer because:
Biometrics are harder to steal than passwords.
There’s no more remembering or typing passwords or answering questions like where you went to elementary school.
It works everywhere: on any device, anywhere in the world.
Gamiello said it also means it's better for merchants because there should be less fraud and improved customer experience.
What it will do for you
Mastercard says that as things stand, all of our personal devices (phone, tablet, laptop) have the ability to store encrypted keys ("passkeys"). With biometrics in charge, only it can unlock these keys.
“For example, if you get a new puppy and spend $300 at an online pet store when you’ve never made pet-related purchases before, the purchase may be flagged by your bank and require multi-factor authentication to make sure your card hasn’t been stolen,” is how Mastercard describes the new functionality.
“If your bank uses the Mastercard service, you could be asked to confirm the purchase simply by using your face or your fingerprint. If it matches what’s already stored on your phone, you’re ready to go. A merchant may also use the service on everyday online purchases to enhance security without adding unnecessary friction for the consumer.”
Plus, there’s a bonus. Mastercard could certainly keep this technology to itself, but the company says that the service works with all payment cards, not just its own.
Will this work on your devices?
If you’re wondering if the new biometric technology will work on your devices, the answer is probably yes. All told, over 4 billion devices, including Windows 10 PCs as well as every modern Apple and Android device, now support this type of authentication, as do over 88% of web browsers.
As far as the companies who have expressed some buy-in for the technology, it’s a Who’s Who of consumer goods and services providers. The User Experience Task Force includes Bank of America, eBay, Facebook, Google, HYPR, IBM, Intuit, JP Morgan Chase Bank, Microsoft, Trusona, Visa and Wells Fargo.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-01-26 12:01:52
