News: #MasterCard introduces Identity Check to simplify and secure #onlineshopping transactions http://news.mstr.cd/1FUjsX0

Singapore – October 7, 2015 MasterCard today introduced MasterCard Identity Check, a suite of technology solutions that leverage advanced technologies to prove a consumer’s identity and further simplify the online shopping experience.

Existing methods to prove an identity online can take shoppers away from a retailer’s website. This final step can be time consuming and potentially result in the purchase being declined or abandoned. MasterCard Identity Check will put identity verification at the cardholder’s fingertips using technologies such as biometrics and SMS-delivered one-time passwords.

“Today, people shop on all sorts of devices, and they expect technology to simplify and secure the transaction,” said Ajay Bhalla, president of Enterprise Security Solutions, MasterCard. “This is exactly what Identity Check delivers.”

MasterCard Identity Check extends the company’s commitment to upgrade to online payment security. The use of technology and data will move from a reliance on what the consumer knows (passwords), to what they have (mobile phone or other smart device) and who they are (biometrics). Hundreds of cardholders in the Netherlands began using biometric-enabled payments last month, while a similar trial is also underway in the U.S.

U.S. financial institutions can choose to participate in MasterCard Identity Check beginning in the middle of 2016, with a global expansion in 2017.

New Global Consumer Survey Supports Next Generation Checkout

This next generation of consumer authentication is verified by recent research. According to a MasterCard survey, 53 percent of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts. People in Singapore estimate that they lose more 15 minutes every time they have to reset a forgotten password.

As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets, and more than one in two in Australia and Singapore have been locked out of a website because of this.

On average, people have to enter passwords eight times per day for the 10 different online accounts or applications they regularly use every week. People in Japan and India enter passwords 11 and nine times a day, respectively, above the global average.

More than one in five people use the same password for everything, while a further 58 percent rely on only a few different variations – despite warnings it puts them at greater risk from fraud. In Singapore, nearly one in three people use the same password for all their accounts.

Globally, more than half of people want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.

Key statistics for markets surveyed:

  • People in Mexico (17 minutes), Colombia (16.9 minutes) and Singapore (15.1 minutes) lose more than a quarter of an hour each time they have to reset a forgotten password.
  • Globally, nearly one in three people have abandoned a purchase because they couldn’t remember their password, with around half of consumers in Brazil (52%), Colombia (48%), Germany (47%) and Peru (47%) having done so.
  • 40% of people tend to use the same one or two passwords for almost every website that requires a password.
  • People in the United Kingdom, Canada, the United States and India use passwords for more than 11 different online accounts or applications regularly every week, the highest in the world.
  • The Japanese enter passwords most frequently – 11 times per day compared to the global average of eight times per day.

About the Survey

The poll of about 10,000 general population consumers was conducted between Aug. 13 to 21, 2015 by Norstat. Consumers in 17 markets across North America, South America, Europe, Africa, Australia and Asia Pacific were surveyed on their perceptions related to online shopping. The total sample has a margin of error of +/-0.80% at the 95 percent confidence level.

-ENDS-

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNewsjoin the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Media contacts

Georgette Tan, MasterCard, +65 6390 5971, georgette_tan@mastercard.com

Samantha Yong, Weber Shandwick, +65 6825 8053, samyong@webershandwick.com