Mastercard aims to phase out passwords with its new biometric authentication service.
Over a decade after joining the Fido Alliance, Mastercard announces a service designed to simplify the integration of biometric authentication for businesses, enabling users to log into apps or websites and complete online purchases more effortlessly.
The service leverages the latest Fido standards, utilizing a passkey stored on the user’s phone that can be unlocked only through biometric methods, such as a fingerprint or facial recognition. According to Mastercard, this approach is more secure than traditional passwords and offers greater convenience than multi-factor authentication methods.
Authentication can occur directly within the browser or mobile app, allowing users to use their preferred biometric options, such as FaceID or fingerprint recognition, without switching between different apps or devices. The service is compatible with all card brands and various payment methods beyond cards.
Dennis Gamiello, Executive Vice President and lead of identity products and innovation at Mastercard, stated, “Approximately 80% of confirmed data breaches are tied to weak or stolen passwords. The risks associated with passwords, including one-time passwords used in multi-factor authentication, escalate as we transition to a more digital environment.
“That’s why it is essential to replace the password with the person. We are collaborating with our global partners to eliminate passwords permanently by accelerating the shift towards more seamless and secure authentication methods, including biometrics.”
For further information on payments, visit NextGen Nordics on April 23, 2024.