Get ready for the end of credit card numbers as we know it, as Mastercard takes the next step in the fight against online payment fraud.
A decade after Mastercard first introduced a technology that replaces consumers’ card numbers with tokens, the company is now processing a billion such transactions every week, CEO Michael Miebach said in an interview. And now, it’s taking things to the next level by expanding the use of the technology to replace security measures like passwords with biometric data such as fingerprints or face scans.
The move comes as the financial industry struggles to combat the rising issue of online payment fraud, which is expected to exceed $91 billion by 2028. And Mastercard is leading the charge, with plans to make all e-commerce transactions in Europe tokenised by the end of the decade.
The financial industry has been plagued by the issue of online payment fraud for years, with criminals targeting e-commerce sites that require consumers to manually input their card information. And now, Mastercard is taking action to combat this issue, partnering with banks and payment providers around the world to replace one-time passwords with biometric data.
The company has already introduced the service in India, and is expected to roll it out globally in the coming years. And with the rise of biometric data, the possibilities for secure online transactions are endless.
The future of online shopping
The future of online shopping is looking brighter than ever, with Mastercard’s technology set to revolutionize the way we make transactions online. And with the financial industry working together to combat fraud, it’s a future that’s both secure and convenient.
Read: Standard Bank warns ‘vishing’ fraudsters are targeting the elderly
It’s time to say goodbye to manual card input and hello to a new era of secure online shopping.
Aisha S Gani, (c) 2024 Bloomberg LP
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