Mastercard introduces Identity Check to protect customers
Published:Thursday | November 1, 2018 | 12:00 AM
With recent data revealing that approximately 550 million identities and accounts were stolen across the world, Mastercard has implemented measures to protect its customers.
Senior vice-president of enterprise security solutions at the company, Patricio Hernandez, in an interview with The Gleaner last week at the Media Day at Mastercard event in Miami, Florida, said 69 per cent of that figure was identity theft, while 16 per cent were financial accounts. And while the data is not about Mastercard accounts, the company is ensuring that its customers are not only protected, but have ease of use of its services.
CUSTOMER EXPERIENCE
"Mastercard is ensuring that customer experience is better online by introducing Identity Check, coming in 2019. Some of the features that you will see include eliminating passwords and security questions, fewer data entry points, and ensuring payment continuity. Mastercard is making it easier for consumers. Simpler, smarter and safer payments for them and at the same time, have better results for banks and for e-commerce merchants," said Hernandez.
Identity Check is built on top of an industry standard called EMV 3DS. 3DS means three domain secured - for the consumer, the merchant and the bank.
Hernandez said Mastercard is facilitating and bringing the technology to the people. He is encouraging the banks and merchants to participate in the process.
"Jamaica is one of the leaders in terms of using previous standard for authentication,
and banks in Jamaica have participated in previous versions, and so we now want them to upgrade," he said.
"Cybersecurity is very important because it impacts every aspect of our life if we are a connected consumer. We basically live our lives online, so it's important for us to ensure that all of us providers are taking precautions and are taking the right safety measures, and that all of them are protecting us, because if our data falls in the wrong hands it can be misused. Our identities could be stolen or our accounts can be taken over, and not just our financial accounts."
Mastercard promises a one-touch or one-click check-out experience, and said a survey showed that over 80 per cent of persons are receptive to changing the way they authenticate themselves. So, out with passwords and in with biometrics.