Daily Management Review

Take a Selfie to Verify Credit Card Purchase: MasterCard


Your latest selfie can be your security password to your credit card if MasterCard has its way.

Take a Selfie to Verify Credit Card Purchase: MasterCard
MasterCard has developed a technology for its mobile apps that can transform a selfie form a mere ‘like-it’ picture on social media to a security password for their credit cards. Customers can use a MasterCard to make purchases simply by taking a selfie and using it as a verification code to authorize a purchase.
MasterCard says that this technology would be targeted at the millennials.

The verification and authentication process according to this technology would consist of a pop up message on the cell phone of the buyer while making a credit card purchase. The message would ask the card holder to take a selfie or snap a picture of the face. The selfie would confirm that the man making the purchase using the credit card and the actual owner of the card is the same person.  
MasterCard has come up with this technological innovation to prevent forgery of their credit cards and their misuse. The technology would also stop anyone in case a person tries to fraudulently hold a picture of the card holder in front of the smart phone camera. The new technology would require the actual owner of the card to blink in front of the camera when taking the photo.
Similar to ApplePay, this technology would also allow users to scan their fingerprints for authentication of transactions.
The announcement by MasterCard comes on the heels of a path breaking technological advancement by Facebook with respect to facial recognition and artificial intelligence. This new development software by Facebook would allow it to recognize a person even if their face is not clearly visible. The software can recognize people based on their clothing, body type, hair, posture and pose provided that the person that the face of the person had been tagged and entered into Facebook's system.
Before MasterCard decides to roll out its new technological software to its card holders, it plans to test it’s selfie authentication technology on 500 users.
Keeping regards for privacy of its users, Facebook has announced that this technology wound not be used in countries where people are concerned about its use. Facebook is yet to also implement this new software for any purposes expect trials and tests.
Taking a cue from a survey conducted by NextAdvisor.com conducted in late 2013, where more than 25% of respondents said that most of their Facebook posts are public and they did not think about security aspects of their posts before posting, both the companies – Facebook and MasterCard have targeted the millennial population for their software. This is because such people are very lucrative targets for frauds as well as for advanced security software as developed by MasterCard and Facebook.
The development of these technologies has however given rise to certain ethical questions. While MasterCard and Apple have the user’s fingerprints, Facebook can recognize a user without even a proper picture of an individual. Therefore the ethical question of privacy violation in the name of security is not out of bounds. A section of experts fear the consequences in case such information falls in to wrong hands and could possibly be used for forging identity, and possibly other nefarious purposes.
 (Source: www.huffingtonpost.com)