Payment via mobile devices is still a relatively new concept. With newer smartphones, it\u2019s now easier than ever to pay your bills or send money on a whim. However, this also brings up an important topic; what\u2019s the best way to handle mobile payments, and how can those who accept and process these payments ensure maximum security?<\/p>\n
<\/p>\n
The answer might lie in two-factor authentication.<\/p>\n
Specifically, MasterCard wants to introduce biometric-based two-factor authentication to its system, starting with the UK this summer. The technology discussed is a \u201cselfie\u201d based system that allows users to take a picture through an application, which is then compared to an image stored. The idea is that selfie-authentication, and other methods of biometric technology like fingerprint scanning, can help to prevent credit card fraud.<\/p>\n
More than anything else, MasterCard is attempting to limit how many legitimate transactions are being declined while users are traveling abroad. Apparently, this is a bigger problem than actual credit card fraud. As reported by The Financial Times<\/em>, there\u2019s roughly $118 billion worth of false declines every year, which is considerably more money lost than is the case with credit card fraud–13 times more, to be specific. By using biometrics technology, MasterCard is looking to handle both the fraud and false decline problems.<\/p>\n Of course, the question that needs to be asked is whether or not these technologies are secure for users. Phones, tablets, and other mobile devices can be hacked just as easily as any desktop infrastructure. ITProPortal<\/em> offers some insight into what will be necessary for mobile payment systems to take off:<\/p>\n \u201cUser devices are notoriously prone to penetration by cyber criminals \u2013 whether that\u2019s as a result of users adapting their devices or overriding device security parameters, or using unsecured public WiFi when transacting online. Which means biometric data will need to be encrypted to ensure it cannot be stolen \u2013 otherwise we open a whole new vector for identity theft. What\u2019s more, rigorous PCI standards already exist to protect users and merchants, especially where liability is concerned should things go wrong. What\u2019s not clear in this scenario is whether liability will shift \u2013 and to whom. Quite simply, we\u2019re in new territory here.\u201d<\/p>\n What\u2019s most interesting here is the liability aspect; if a user isn\u2019t securing the mobile device used for payment, can they be considered at fault for the theft of their data? If so, it completely changes the way that financial institutions and payment compliance works. Also, what happens if biometrics are hacked? You can\u2019t exactly issue a new face or a fingerprint with a new credit card number. These are critical possibilities that need to be addressed before biometric two-factor authentication for mobile payment systems can be implemented.<\/p>\n What are your thoughts on mobile payment authentication using a selfie-based system? Let us know in the comments.<\/p>\n","protected":false},"excerpt":{"rendered":" Payment via mobile devices is still a relatively new concept. With newer smartphones, it\u2019s now easier than ever to pay your bills or send money on a whim. However, this also brings up an important topic; what\u2019s the best way to handle mobile payments, and how can those who accept and process these payments ensure […]<\/p>\n","protected":false},"author":1,"featured_media":8160,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[12],"tags":[45,15],"_links":{"self":[{"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/posts\/8151"}],"collection":[{"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/comments?post=8151"}],"version-history":[{"count":0,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/posts\/8151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/media?parent=8151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/categories?post=8151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.datcomllc.com\/index.php\/wp-json\/wp\/v2\/tags?post=8151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}