Mastercard has come with new fingerprint technology on credit card to reduce fraud and stolen identity. The pilot project has started in South Africa and they plan to fully introduce the technology to Europe and Asia this year.
Mastercard has been working with Pick n Pay, a South African grocery retailer and Absa Bank, a subsidiary of Barclays.
Biometric fingerprint is seen as safer and easier than 4 PIN authentication. Shopper just need to hold the card by the fingerprint sensor and insert it to a card reader.
The terminal will verify the fingerprint and approves transaction. This will reduce burden for user to memorize a lot of PIN and password. Because normally credit card user will likely to use their birthday date as pin or just 1234.
We have to admit that there is no perfect system. Same goes with fingerprint technology. According to New York researchers, they already created synthetic master prints that can imitate people’s fingerprints.
Although none has been tested on real handphone, the researcher only tested it on computer simulation, but the technology rapidly improving.