Hated online card security systems to get revamped
The much loathed MasterCard SecureCode and Verified by Visa systems are set to be usurped by a much easier to use set-up.
The systems that ask for further information and an extra password were meant to be a way of halting fraud and making it safer to shop on the internet.
However the systems have also been considered a bit of a faff and open to exploitation.
Initially it all sounded quite comforting. You'd get an extra window asking for fragments of your password and you'd feel all safe and that.
Yet according to customer feedback, customers have struggled to remember additional passwords, and there's also been issues around whether the pop-up windows were not a front for some evil.
The new system will revolve around customers having passwords texted to them, which they would then type in.
Ajay Bhalla, president of enterprise security solutions at MasterCard, said: “All of us want a payment experience that is safe as well as simple, not one or the other. We want to identify people for who they are, not what they remember. We have too many passwords to remember and this creates extra problems for consumers and businesses.”
MasterCard believe that mobile payments will account for 30% of online retail sales by 2018.