MasterCard is to introduce a range of security measures, including phone-based biometrics and SMS-delivered one-time passwords, as alternatives to existing methods of establishing online identity.
The aim of MasterCard Identity Check is to simplify the online shopping experience, meaning fewer consumers abandon transactions before completion.
Existing methods to establish an identity online, such as passwords, can take users away from a retailer’s website, making the process potentially slower and sometimes leading to the purchase being declined or abandoned.
The credit card giant says the idea is to shift from what the consumer knows (ie password) to what they have (mobile phone or other smart device) and who they are (biometrics).
US financial institutions can choose to participate in MasterCard Identity Check beginning in the middle of 2016, with a global expansion in 2017.