People unlock their phone and, increasingly, shop and pay with the touch of their finger. They don’t get locked out when they forget a password because it has been replaced with a simpler, more secure option – mobile biometrics. Whether using a fingerprint, an iris scan or a “selfie” to confirm identity, banks see biometric technology as a way to provide greater convenience and security to customers as they use their accounts. But, it’s still early days in mobile biometrics, and a new report from Mastercard and the Department of Computer Science at the University of Oxford highlights a big barrier. Only 36% of relevant banking executives feel they have adequate experience to deliver.
To overcome this knowledge gap, “Mobile Biometrics in Financial Services: A Five Factor Framework” explores this fast-evolving technology landscape and provides bank executives with guidelines to successfully bring mobile biometrics to life. Simply put, they need to focus on Performance, Usability, Interoperability, Security and Privacy.
Some of these factors are more visible to the consumer, having a real impact on user experience, while others operate behind the scenes. But, long-term success for a bank requires that they address all factors equally to protect against threats. The framework can help financial service companies avoid the trap of focusing only on the ones their customers see.
“Biometric authentication has a lot of potential, but it is important to address the objectives of each of the Five Factors when designing solutions. Working together with Mastercard enables us to solve for realistic threats to the industry with the best technical and scientific ideas. Users will need consistency, quality and assured security for this technology to thrive,” said Professor Ivan Martinovic, Department of Computer Science at the University of Oxford.
Ajay Bhalla, president, Global Enterprise Risk & Security, Mastercard, commented on the research initiative in a blog published today, saying:
“Effective mobile biometrics melt into the broader experience of consumer-centric financial services, giving people the power to instantly access their financial information or make a payment. They’re driving the trend toward a password-free future where digital identity is all about who we are, not what we remember.”
Considering that global sales of smartphones are expected to reach $400 billion by next year, people everywhere will increasingly have access to the tool that makes mobile biometrics possible. Banks see that as an opportunity, and with initiatives like the collaboration with the University of Oxford and pioneering biometrics solutions like Mastercard Identity Check Mobile, Mastercard is a partner to deliver widespread and responsible adoption of mobile biometric solutions in financial services.
As Bhalla continued, “This framework is fundamental to accelerating the deployment of mobile biometrics for consumers and industry alike, but collaboration is key. We can only achieve this if industry, academia, governments and technology vendors understand and contribute to the evolution of the Five Factor Framework for mobile biometrics.”
“Mastercard and Oxford have done important work in exposing some of the root causes for the inconsistent adoption of mobile biometrics in financial services,” said Ravin Sanjith, Program Director: Intelligent Authentication, Opus Research. “We expect the Five Factor Framework to become an indispensable aide for industry professionals and decision makers to have better informed, strategic discussions that drive towards more efficient and successful high-scale implementations.”
An Opus Research synopsis of the research contains a breakdown of the critical issues financial service companies need to address to successfully guide their businesses through the biometric journey, ensuring they’re making the right decisions every step of the way. The white paper is now available here. In addition, a webinar on the Five Factor Framework will be hosted by Opus, in collaboration with Mastercard, on July 11. Register here to secure your place.
For more information about security at Mastercard, visit https://globalrisk.mastercard.com/.
24 Comments
Mastercard is one of the truly great global companies of our time. Absolutely one of the “Greatest Companies” on the planet!!!!!!! Wish I would have bought more “MA” back at the IPO in 2006. But atleast I do own it and will continue to do so for the “long haul”. Thank You.
Why I cannot use anything with my payoneer mastercard?
Thats question
Why I cannot promote facebook page with card?
Really am intrested . Thank you
This is digital banking on a whole new level. The fact that my identity to have access to financial services will no longer be based on what I can remember(often very tiring) but who I am takes off the mental stress experienced trying to remember each letter, digit and special character!
Well done guys!!
Anyone who uses biometrics in this manner is a fool because both financialinstitutions , banks, and especially Governments can’t be trusted
Hey I’m really chasing a Samsung Galaxy Note 9 I got a special deal with you but didn’t realise it had a timer so I kinda lost it and the money that I had my bank account because I ask my bank details
The plane is protected – it’s not in any case an inquiry. Frameworks on any machine are not 100% solid – planes included. To begin with, there is repetition. At that point there are pilots. What might be incredible is to have pilots who can really train other pilots-students to manage a biometric plane. It is anything but a computer game – there is no restart catch .How would you achieve that end?
Corporate structure needs to change all over. End the biometric structures as they at present exist. Organizations should be represented exclusively through gatherings and techniques that anticipate kickbacks and increment oversight. Not any more despotic self-remunerating alliances that improve a chosen few and screw the representatives and imperil the general population.
Wow. This is great idea for phones with fingerprint scanner.
love innovation news from mc. its ours future
You should always have a mastercard with you!
Very useful information thanks for sharing this information.
Thank you for your existing MasterCard!
The technology has been improving at a rapid peace across the world and most of the modern people use their smart phone for purchasing and get other task ready!Online transaction has some risks to be fraud by someone bad people, so we should be aware of it.
Thank you master card you have many coustumer to benifit your services so you are good all time.
nice one
Don’t call your name when you’re not sure. Will go all together to silver roof. Being with someone who has everything, don’t be foolish. Love must put in the right place in the world.
Sighing does not say is not ignorant.
Sometimes it’s because you keep running after you see us being tasteless.
Thanks you sharing. Mastercard is great. Biometric payments is trust-able service.
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Laporan pendapatan Kuartal 4 Mastercard menunjukkan pertumbuhan volume kecil, mencerminkan hasil Kuartal 3 karena jaringan kartu melanjutkan fase pemulihan normalisasi.
Dan itu harus terus memanfaatkan inovasi produk dan kemitraan untuk meningkatkan penggunaan kartu dan maju ke tahap berikutnya dari jalur pemulihannya.
Insider Intelligence menerbitkan ratusan wawasan, bagan, dan prakiraan tentang industri Pembayaran & Perdagangan dengan Pengarahan Pembayaran & Perdagangan. Anda dapat mempelajari lebih lanjut tentang berlangganan di sini.
Mastercard melaporkan bahwa volume dolar bruto (GDV) kuartal 4 tumbuh 1% dari tahun ke tahun (YoY) secara global, mencapai nilai $ 1,75 triliun — mencerminkan pertumbuhan dari kuartal ketiga.
Level pemulihan Mastercard keluar di Q4. Intelijen Orang Dalam
Hasil pertumbuhan yang rendah dapat dikaitkan sebagian dengan memburuknya kondisi pandemi sepanjang kuartal yang kemungkinan berdampak pada belanja konsumen. Sementara itu, transaksi pengalihan Q4 tumbuh 4% setiap tahun, sedikit melambat dari Q3 ketika metrik meningkat 5% YoY.
Meskipun pertumbuhannya relatif kecil, periode Kuartal 3 dan Kuartal 4 Mastercard lebih baik dari Kuartal 2, ketika jaringan kartu pada awalnya merasakan dampak pandemi, yang menyebabkan penurunan tahunan 10% dalam transaksi yang dialihkan. Berdasarkan hasil Q4, Mastercard mungkin masih dalam fase pemulihan normalisasi, fase ketiga dari empat fase pemulihan pandemi yang dijelaskan oleh CEO Mastercard Ajay Banga pada awal krisis. Pada fase ini, pengeluaran secara bertahap mulai pulih.
Ada perbedaan yang semakin besar antara volume kartu debit dan kredit Mastercard — yang mencerminkan tren pengeluaran yang didorong oleh pandemi — yang memengaruhi potensi volume jaringan kartu.
Kredit: GDV kredit global di Q4 turun 6,9% YoY, mencapai nilai $ 796 miliar dan mewakili sekitar 45,6% dari total GDV pada periode tersebut. Hasil Mastercard mencerminkan tren konsumen yang dipicu pandemi yang sedang berpaling dari kartu kredit untuk menghindari penumpukan hutang selama krisis. Pertumbuhan volume kartu kredit AS secara keseluruhan bahkan menurun di beberapa titik di bulan Desember, bulan yang padat belanja: Volume turun 0,7% YoY dalam pekan yang berakhir 20 Desember, menurut data dari PSCU.
Debit: GDV debit global Mastercard melihat hasil yang lebih cerah di Q4, tumbuh 8,4% dibandingkan dengan Q4 2019, untuk mencapai nilai $ 950 miliar. GDV debit global menyumbang 54,4% dari total GDV untuk kuartal tersebut. Hasilnya menunjukkan tren penggunaan kartu yang lebih luas, dengan pengeluaran kartu selama pandemi condong ke arah debit karena konsumen ingin menggunakan uang tunai mereka untuk mendanai pembelian mereka. Sepanjang bulan Desember, misalnya, pertumbuhan volume kartu debit secara konsisten melebihi kredit.
Jaringan kartu harus terus memanfaatkan inovasi produk dan kemitraan untuk meningkatkan penggunaan kartu dan maju ke tahap selanjutnya dari jalur pemulihannya. Mastercard telah menginvestasikan lebih banyak modal ke dalam lengan inovasinya: Mastercard baru-baru ini memperkenalkan uji coba Cloud Tap on Phone di pasar AS, yang bertujuan untuk memperluas kemampuan pembayaran nirsentuh berbasis cloud untuk pedagang.
Don’t call your name when you’re not sure. Will go all together to silver roof. Being with someone who has everything, don’t be foolish. Love must put in the right place in the world.