Mastercard will combat online fraud when paying by credit card

In the fight against fraud in online credit card purchases, Mastercard announced a new measure that consists of eliminating the use of card numbers in the transaction.

As an extension to the implementation of tokens ten years ago, the credit card issuing company now takes another step towards controlling electronic fraud.

The company would be working on how to replace traditional security measures, such as passwords, with biometric data such as fingerprint or facial scanning.

The company has highlighted the importance of protecting the security of online credit card payments, as they estimate that this type of crime could exceed US$91 billion in 2028.

Hacker attacks are becoming more sophisticated and targeting websites with one-time password systems, as is the case in India. According to Mastercard, “these passwords, which retailers and banks send to consumers to authenticate their identity, are increasingly vulnerable to scammers.”

Hence, the credit card issuer has thought about a partnership with banking entities and payment service providers globally with the aim of replacing these “one-time passwords with a token based on the biometric information of the users.” consumers.” The service was launched last week in India, through a partnership with PayU and banks such as Axis Bank Ltd.

Tokenization will be used to attack the problem that “if the data was exposed and someone accessed it, they could use it.”

Mastercard aims to tokenize all e-commerce transactions in Europe by the end of the decade.

M.Pino

Source: finanzasdigital

(Reference image source: Nathana Rebouças in Unsplash)

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