Link to MasterCard’s article: http://newsroom.mastercard.com/press-releases/thumbs-up-mastercard-unveils-next-generation-biometric-card/
Background: Ever since the credit card has been introduced, criminals have been using it to make illicit purchases. Luckily, credit card manufacturers and companies have been innovating new technology to combat this fraud, unfortunately criminals still seem to be able to find a way around such innovation. A recent example would be the introduction of chip(EMV) debit/credit cards, where many retailers want the chip to be inserted into the terminal, instead of the regular swipe. Even though this (for the most part) prevents credit card thieves from making a clone of your card, you’re still out of luck if they steal your card. Now, we have new technology by MasterCard in an effort to prevent this.
What is MasterCard trying to do?: Simple, stop criminals from making illicit purchases (at least in store.) With fingerprint reading technology getting cheaper and thinner, MasterCard seems to have been able to implement this into their new card design.
Will this work?: Hopefully, the fingerprints are harder to copy than your credit card data, but not impossible.
Downsides: If your debit/credit card is stolen, your fingerprint might be decrypted making future use of that finger for authentication a security issue.
Personal Thoughts: This is a good step toward ending credit card fraud, unfortunately this does not stop criminals from making purchases online with your credit card information. I still hope that this is implemented into new debit/credit cards in the future, assuming your fingerprint is encrypted similarly to Apple’s method, as for this will at least help prevent one method of credit card fraud.
MasterCard’s Twitter Post:
— Mastercard News (@MastercardNews) April 20, 2017
Keywords: Fingerprint Scanner, MasterCard, Biometric Scanning, New Credit Card Technology