Mastercard (NYSE:MA) has rolled out the Mastercard Biometric Authentication Service, which is designed to strength consumer security.
The service uses biometrics – including fingerprinting, iris scanning and facial recognition software – for the verification of consumer identity and the security of confidential data. The Purchase-based company is leveraging Fast Identity Online (FIDO) standards to create an encrypted key pair that will be stored on personal devices, and only the user’s unique biometrics will be able to unlock this passkey.
“Roughly 80% of confirmed data breaches are related to weak or stolen passwords,” said Dennis Gamiello, an executive vice president who leads Identity Products and Innovation at Mastercard. “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.”
Mastercard added the global adoption of FIDO passkeys will ensure its biometric authentication service can be accessed on smart devices worldwide.
