Take a selfie to approve purchases?
MasterCard is going to move fraud protection to the next level.
The company will start a test of their new program which approves online purchases with a facial scan. During checkout, you will be asked to hold up your phone and snap a photo – simple and no need to remember passwords.
Today customers use so-called “SecureCode” – a private secure code that protect your purchases. The secure code requires a password when shopping online and passwords often get forgotten, stolen or intercepted. So, banks started following Apple with its iPhone’s fingerprint scanner and Apple Pay that showed consumers’ good will to use biometrics to prove their identity.
MasterCard will start a piloting test that uses fingerprints and facial scans. There will be 500 customers participating in the test. MasterCard plans to make it available to the public after that and once all the kinks are worked out.
To make a success of the program, MasterCard has partnered with smartphone makers, including Apple, BlackBerry, Microsoft, and Samsung. The deals with banks are not finalized yet, so we can only guess whose customers will get this first.
To use the facial scan feature, you will have to download the MasterCard phone app. When you pay for something, a pop-up will ask for authorization. You can choose fingerprint, all it takes is a touch, or you can go with facial recognition. When you choose the last option, you will need to stare at the phone, blink once, and you will be done. Blinking is needed to prevent a thief from holding up a photo of you to trick the app.
The app won’t actually get a picture of your face but a map of your face, convert it to a binary code and transmit it to MasterCard. This algorithm is planned to be kept safe on company’s computer servers but the possibility of keeping it on the customers’ devices is not excluded. And yes, MasterCard won’t be able to reconstruct your face.
Facial scan is not the only thing MasterCard is working on. It is also experimenting with voice recognition and heartbeat recognition.
Latest Credit Card Fees News
Recently Discover shared results of their new online survey. The survey was conducted from February 12 to 17 by research company Dynata on behalf of Discover Financial Services.
There are four major credit card networks: Visa, Mastercard, Discover and American Express. These 4 networks differ basically in two things: how and where the person owning the card can use it and the benefits the network offers.
More and more people are figuring out that the best way to avoid credit card fees and unnecessary bank charges is to use a prepaid card—otherwise known as a general-purpose reloadable prepaid card. These cards are increasingly popular among all demographics, including Millennials, small business owners, and people who are self-employed.
Good news for entrepreneurs and small business owners: there’s a new rewards credit card that gives unlimited cash back and has no annual fee.
Most elite travel rewards credit cards charge steep annual fees. But a new luxury credit card from HSBC is offering cardholders free membership, in addition to a number of other valuable perks. The HSBC Premier World Elite Mastercard credit card comes with travel perks including rewards on airfare and hotel spending, as well as rewards on train fare and ride-sharing costs with Uber and Lyft.