master card has a new way for issuers to verify a cardholder's identity.
Dennis GamielloThe company's executive vice president of identity products and innovation wrote: blog post It was announced on Monday (October 14) that it's all thanks to a combination of new industry standards and Mastercard's identity attribute verification services.
The solution uses the technology behind payment cards to enable Mastercard partners to protect consumer privacy while ensuring consumers meet criteria for specific goods and services. Eliminate common things be Troublesome work: Upload documents such as photo ID and proof of residence or passport.
“Suppose you just closed on your first home and want to order champagne to celebrate.” Gamiello wrote.
“When you add items to your online basket as usual, you'll be prompted to confirm that you're old enough to make a purchase. Behind the scenes, by using Mastercard, merchants add unnecessary friction to your experience. You can safely and easily authenticate your age to your card issuer without having to use your card.”
The project will initially focus on a few European countries, with plans to expand into new markets next year.
“We look forward to working with governments and organizations looking for seamless ways to more accurately and reliably verify identity attributes.” Gamiello wrote. “By collaborating with others, we can expand attribute verification and continue to build trust in the digital world.”
In related news, PYMNTS spoke with the following people last week: yonn lambertAbout Mastercard Chief Product Officer use of Powered by tokenization payment safety.
“we, need to reconsiderHow to build security from the ground up,” Lambert said.
In a world where credentials are stored on billions of mobile devices; kept On millions of servers around the planet, “no matter how tall and thick your firewalls are, you have to assume that malicious actors and hackers will get their hands on that data.”” he said.
At its core, tokenization Includes replacing sensitive information with digital alternatives and non-confidential “token”” he said. That replacement is what the scammers will get, so you can thwart the scammers. fundamentally It's useless.
“There is an analogy here.” PYMNTS wrote. “Think of old hotel keys, physical keys with numbers written on them. Now they've been replaced with electronic plastic wedges that can be deactivated when not in use.”
