MasterCard is in the process of releasing a neat new way to help curve online purchasing fraud with selfies. With the new trend of mobile payment systems, being secure is also important. So first, let them take a selfie, then buy things online at your heart’s desire.
Ajay Bhalla, Chief Product Security Officer at MasterCard is pitching the idea of using the new fad of taking a selfie to enhance online purchase security when using a MasterCard at checkout. The basic premise of the idea is when you take a photo of your face it will use facial recognition software through your phone with the app they provide to confirm your identity and approve your purchase.
So lets say you have a hankering for a new a new toy on Amazon. Once you have figured out what toy you wanted, and are at the end of the checkout process on your computer, a notification will pop up on your phone from the MasterCard app. You then snap a selfie, the software confirms your identity, approves the purchase, then checkout will finalize on the computer. It’s not limited to facial scans, biometrics will be sufficient as well and you can choose to pick either method to verify your identity. Voice recognition is also in the works. So if you haven’t gotten ready yet, or feel like crap you can simply use the fingerprint scanner on your phone.
The pilot program for this process is limited to 500 customers; therefore, we won’t be able to use this just yet. Which means this is basically an experiment to see how well this will work. MasterCard is working with many cell phone manufacturers and providers (including Apple and Google), as well a couple banks to finalize the process.
For now, all we can do is wait and see what the results are.
Source: CNN Money