The convenience of online shopping has applied severe pressure on traditional retail stores and many companies went into administration due to large overheads. In the past, consumers were rightfully concerned about fraud and a lack of protection when purchasing from unfamiliar websites. Thankfully, there are now security certificates and enhanced checks before a transaction can be completed. For example, MasterCard utilizes a SecureCode system which requires you to input a password before the payment is processed. This adds another layer of protection and failing to enter the right code on 3 occasions will enforce a card block. To remove this, you must contact MasterCard and provide a wide range of security details.
MasterCard’s SecureCode is a fantastic way to protect yourself online and eliminates the hassle of being contacted via a card company when a large transaction is made. However, any security expert will advise you to create different passwords for various credentials. If you currently only use one password across banking, entertainment mediums and other accounts, please change it immediately. Storing a different password for every purpose can be a difficult task and most users do not trust password management software. MasterCard believes the answer could be via photo recognition.
So how does this work? Firstly, an image corresponding to your account is recorded on file and compared to a snapshot you take to confirm your identity. The data from the image is converted into binary form and users must have the MasterCard app installed on their smart device to proceed. This piece of software also supports fingerprint recognition which many modern phones are beginning to accommodate. MasterCard has selected a small sample of 500 people and awaiting feedback to see if this is the future of internet banking. In a CNN Money interview, a MasterCard executive explained,
“We want to identify people for who they are, not what they remember.”
“We have too many passwords to remember and this creates extra problems for consumers and businesses.”
“The new generation, which is into selfies … I think they’ll find it cool. They’ll embrace it.”
I’m not entirely convinced though that customers are so willing to share their personal data even if an algorithm is used to analyse the picture. One’s privacy seems to be diminishing rather fast in the modern world and there might be a backlash from consumers who feel this new system is too personal and overly intrusive.
Let us know what you think of this new security system. Would you have a problem taking a photo of yourself to buy online items?
Thank You Sky News for providing us with this information.