Mastercard, Visa Dropping Passwords for Online Payments, Switching to Unified Standard

If you've ever bought anything online with a Visa or MasterCard debit or credit card, you'll probably be familiar with the authentication systems
November 13, 2014 Updated: November 14, 2014

If you’ve ever bought anything online with a Visa or MasterCard debit or credit card, you’ll probably be familiar with the authentication systems that these companies use for processing payments.

After making a purchase, retailers redirect customers to a page with a Verified by Visa or MasterCard SecureCode form, into which they are required to enter characters from their password to verify their purchase.

That will be changing soon, as both systems—which are based on the 3D Secure protocol—are to be updated to a new unified standard, the new 3D Secure 2.0 system, for authenticating online transactions. 

The new 3D Secure 2.0 system will move away from static passwords, focusing instead on two-factor authentication, biometrics and “disposable” single-use passwords.

As The Telegraph reports, MasterCard is also testing face- and voice-recognition as means of authenticating payments, and is even testing a wristband that can identify a cardholder through his or her unique cardiac rhythm.

Republished with permission from NeowinRead full article.