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Mastercard is set to revolutionize online authentication by introducing a new biometric authentication service, aiming to render traditional passwords obsolete.
Having been a member of the Fido Alliance for over a decade, Mastercard’s latest service is designed to simplify the integration of biometrics for users accessing apps, websites, and making online purchases. The technology, built on the latest Fido standards, employs a passkey stored on the user’s phone. This passkey can only be unlocked through biometrics, such as fingerprint or facial recognition, ensuring secure access to the respective application or website.
Mastercard asserts that this innovative approach not only enhances security compared to traditional passwords but also offers greater convenience than multi-factor authentication. Authentication can seamlessly take place within the browser or mobile app, utilizing the user’s preferred biometric method, whether it’s FaceID or fingerprint, eliminating the need to toggle between various apps or devices. The service is compatible with all card brands and supports various payment methods beyond cards.
Dennis Gamiello, Executive Vice President, Lead of Identity Products and Innovation at Mastercard, emphasized the urgency of replacing passwords, citing that approximately 80% of confirmed data breaches are linked to weak or stolen passwords. Gamiello stated, “The vulnerability of passwords, including one-time passwords used in multi-factor authentication, only increases as we move to a more digital world. That’s why we need to replace the password with the person. We are working with our partners around the globe to replace passwords once and for all by accelerating the transition to more seamless and secure authentication, including biometrics.”
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