80% of confirmed data breaches that Mastercard experiences with their customers can be linked to weak or stolen passwords. The feeling is clear within all industries, including identity, that the password has had its day. Move over passwords…
American citizens admit to feeling overwhelmed by the difficulties of proving their identity and authenticating securely into their personal accounts which can be breached by hackers.
“The vulnerability of passwords, including one-time passwords used in multi-factor authentication, only increases as we move to a more digital world. That’s why we need to replace the password with the person. We are working with our partners around the globe to replace passwords once and for all by accelerating the transition to more seamless and secure authentication, including biometrics” – Mastercard.
Mastercard is modernising digital interactions underpinned by biometric and AI-powered tools which provide less friction than endless password authentication. The company has joined the FIDO Alliance that calls for encrypted passkey solutions and specifications to end passwords. The Mastercard Biometric Authentication Service provides a FIDO certified passwordless authentication that allows users to verify their identity using biometrics.
