MaterCard’s "selfie pay" will be coming to Europe next year after trials in the US, Canada and the Netherlands.
The financial services firm is rolling out technologies that will allow European consumers to authenticate their identity without a password, but with a selfie, in order to provide customers with a more convenient method to sign in and a faster checkout process. Security firms view the development as another sign of the mainstream availability of biometric authentication, comparing it to the introduction of TouchID fingerprint authentication technology in the iPhone.
Javvad Malik, security advocate at enterprise security tools firm AlienVault, said that “selfie pay” is seemingly an attempt to bridge the gap between a fully authenticated method, such as chip and PIN – and unauthenticated payments methods such as contactless.
“The use of a selfie as an authentication mechanism may seem like something that a millennial cooked up whilst browsing Instagram one night,” Malik said, “however, payments have always been about risk management. Banks have typically been good about walking the line between convenience and security.”
He added: “From a security viewpoint, financial fraud will never be completely eradicated, and increasing security too much will inconvenience users - so for banks it’s a fool’s errand. Rather, the controls needed should be sufficient to keep fraud within tolerances whilst providing customers with a convenient experience,” he added. Full story...
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The financial services firm is rolling out technologies that will allow European consumers to authenticate their identity without a password, but with a selfie, in order to provide customers with a more convenient method to sign in and a faster checkout process. Security firms view the development as another sign of the mainstream availability of biometric authentication, comparing it to the introduction of TouchID fingerprint authentication technology in the iPhone.
Javvad Malik, security advocate at enterprise security tools firm AlienVault, said that “selfie pay” is seemingly an attempt to bridge the gap between a fully authenticated method, such as chip and PIN – and unauthenticated payments methods such as contactless.
“The use of a selfie as an authentication mechanism may seem like something that a millennial cooked up whilst browsing Instagram one night,” Malik said, “however, payments have always been about risk management. Banks have typically been good about walking the line between convenience and security.”
He added: “From a security viewpoint, financial fraud will never be completely eradicated, and increasing security too much will inconvenience users - so for banks it’s a fool’s errand. Rather, the controls needed should be sufficient to keep fraud within tolerances whilst providing customers with a convenient experience,” he added. Full story...
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