Payment security is very important in the world of payment systems. To increase this security, transactions are carried out by requesting additional information such as PINs and passwords. This being the case, remembering which information to use for which transaction, and keeping this information in mind without forgetting it, creates a serious problem.
Let's first take a look at a study conducted on password usage.
- Each of us has an average of 10 accounts for which we need to use a password.
- We perform an average of 8 transactions a day that require entering a password.
- 58% of us know at least 1 password belonging to someone close to us.
- 84% of us forget at least 2 of our passwords.
- Creating a new password takes us 11 minutes.
- 40% of us use the same password for all our accounts.
- 1 in 3 of us gives up on shopping online because we can't remember our password.
- Almost half of us cannot log in to a website because we have forgotten our password.
- 16% of us lose our personal information because we can't remember our password.
- 54% of us expect a more reliable, simpler, faster, and more personal alternative solution to using passwords.
At this point, MasterCard Identity Check comes into play as a facilitating solution. Instead of using a password to verify a purchase made with Mastercard, a unique, single-use code is sent to your phone to authorize the online purchase. Transactions are carried out using this code.
While this is the general picture regarding password usage, consumers want to make their payments using easier methods such as "click," "touch," or "blink." In research conducted by Mastercard in pilot regions, 92% of users found the Mastercard Identity Check application more practical and useful than passwords, while 83% considered it more secure than passwords.
93% of participants stated that they prefer biometric authentication for online payments and said they could perform bank authentication using biometric verification. 60% said they would recommend the Mastercard Identity Check application to family and friends.
Similar preferences are also seen in the results of Mastercard's annual Innovation Index research; when making payments, consumers prefer biometric authentication over entering a password, and they may give up on shopping because the existing authentication systems used in online shopping are not practical or because they cannot remember their password.
Mastercard, the key to secure shopping, aims to address the needs identified in the research results with this new authentication application; it relieves cardholders of the hassle of remembering passwords and makes the payment process fast, reliable, easy, and practical. All users need to do is scan their fingerprints on their mobile phones or take a selfie for facial recognition.
With this innovative technology, forgetting your password is not a problem at all. Instead, users who want to pay with their selfies take a photo of themselves after downloading the Mastercard Identity Check application in order to create a digital map of their face. Those who want to authenticate with their fingerprint similarly create a record of their fingerprint.
User authentication is performed by referencing this digital record stored on Mastercard's servers. In order to make payment by selfie safer and more secure, and to prevent someone from paying on another person's behalf using an old photo, you need to blink at the camera while taking the selfie. If the user prefers, Mastercard can also detect the phone's location to increase security. Furthermore, with Mastercard Zero Liability, you are not held responsible for unauthorized purchases made in your name.
Ajay Bhalla, head of Mastercard's security division, said the following about this technological and secure payment system: "We are constantly working to make every kind of payment as simple and easy as possible without compromising on security and safety. This application is a very important milestone in payment technologies. We had previously rolled out many technological innovations such as contactless payment solutions and wearable payment technologies. Now we are rolling out the Identity Control Mobile application, first in Europe, and then throughout the rest of the world."
Advantages of Mastercard Identity Check:
- Helps reduce fraud by eliminating the risk created by static passwords.
- Unnecessary friction can be eliminated.
- Can increase card approval rates and contribute to revenue growth for businesses.
- Customer service call costs can be reduced thanks to fewer calls and password reset operations.
- Customer loyalty and engagement can be increased.
- Can provide customers with greater peace of mind.
You can watch the video prepared on this topic via the link below.
