#R2R2015: MasterCard biometric systems coming to Europe in 2015
1 May 2015 |
MasterCard is developing payment systems that use biometrics including facial recognition and fingerprints which will be launched in Europe later in the year.
Speaking at Risk to Reward 2015 in London, Ajay Bhalla, president of enterprise security solutions at MasterCard, said:“The future is moving towards biometrics… which we will be launching in Europe this year. The second thing is tokenisation for a number of cards.”
MasterCard has been working with Apple Pay to develop a tokenisation system for transactions. When a transaction is undertaken a token or randomly generated number is used instead of the actual credit card number.
“We believe that by taking all these steps we will make the system more secure,” Bhalla said. “If a card is compromised it is the token which is compromised not the number on the card.”
According to Bhalla, the best way to minimise risk is to understand the magnitude of the problem and make sure the right kind of people are managing cyber security.
“It is important to make employees aware of cyber security risks to combat the human factor,” he said.
Overall he believes electronic payments are safe. Two billion customers around the world use MasterCard’s products.