Online transactions are going to be more fun and more secure if MasterCard succeeds in experimenting with this new procedure of conducting online transactions. The American financial services company MasterCard is planning to go beyond in authentication of its users while performing online transactions and have come up with a new solution, which is a much loved passion for people these days and that is, clicking selfie. As stated by MasterCard, a person to successfully and safely purchasing a thing online or to make any sort of online transaction will have to attain authentication by clicking a selfie right during the transaction.
This new effort for safe online transactions, of course, sounds safe and unique and as nothing like this was heard or used before. The financial services company is trying it on a venture basis with a smartphone app and this app will allows people to confirm their identity and authenticate online transactions via a facial scan. This means, the smartphone app will take your selfie and will submit it to the respective bank for further verification and authentication.
The customers using MasterCard for online purchases will have to download the MasterCard phone app and at checkout they will be asked to hold up their phone to stare and blink at it.
Ajay Bhalla, security expert at MasterCard, said, "The new generation, which is into selfies...I think they'll find it cool. They'll embrace it."
The safety measure taken by the financial services company for the online transactions at present comprises of typing a "SecureCode." The person providing this code is only allowed to process the transaction. One nameable issue with this password system is that the passwords can be stolen, can be lost or forgotten by the user or intercepted, but a selfie cannot be stolen or forgotten and this ensures a better safety.
For the time being a small pilot programme involving 500 people is also launched by MasterCard in which users are required to give their fingerprints along with facial scans to verify online transactions.
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