MasterCard is set to introduce a suite of services called Identity Check for consumers, including biometrics and one-time SMS passwords. The services will be made available globally in 2017.
The service is designed to prove a customer’s identity when they are shopping online using their smartphone.
According to MasterCard Australasia head of market development and innovation, Garry Duursma, existing methods to prove an identity online can be time consuming and sometimes result in the purchase being declined or abandoned.
“Today, people shop on all sorts of devices, and they expect technology to simplify and secure the transaction,” said MasterCard president of enterprise security solutions Ajay Bhalla.
“This is exactly what Identity Check delivers.”
Trials of Identity Check are underway in the Netherlands and the US.
US banks can choose to participate in Identity Check beginning in the middle of 2016, with a global expansion in 2017.
MasterCard has also released the results of a global survey into online security conducted with 10,000 people in 17 countries.
Approximately 52 per cent out of 500 Australian shoppers surveyed indicated that there should be a better way to keep personal information while 57 per cent admitted to forgetting crucial passwords more than once a week.
Approximately 50 per cent of Australians had been locked out of a website after failed attempts to remember a password, and one in three abandoned an online purchase as a result.
Sixty nine per cent of Australians had to enter passwords for more than six accounts, devices or applications every week. One in five shoppers use the same password for everything, while a further 56 percent rely on only a few different variations – despite warnings that it puts them at greater risk from fraud.
When it comes to the biggest password pain points, 57 per cent of Australians find stipulations around strength, numbers, symbols and cases annoying, along with getting locked out after multiple attempts (48 per cent), and having to change passwords frequently (38 per cent).
A number of Australian banks have rolled out biometric features for their mobile apps. ING Direct was the latest bank to introduce a fingerprint scanning capability on its mobile app. Touch Login lets customers use the fingerprint sensor on their Touch ID-capable Apple iPhones or iPads to securely log in to the mobile banking service.