Scan fingerprints or snap selfies to validate their identities via biometrics; and
When verified, return to the merchant site to complete the online purchase
“The use of biometric technology has become more common for consumers looking for convenient and secure ways to make purchases using their smartphones, so this was the natural next step for us as innovators in the payment security space,” said Steve Pedersen, Vice President, Head, North American Corporate Card Products, BMO Financial Group. “Mitigating the risk of fraud is always our top priority, and the inclusion of this technology is going to make payment authentication easier, and strengthen the security of the entire payments ecosystem.”
Mr. Pedersen added that the first phase will test the potential of delivering greater security and convenience using BMO employee corporate cardholders in the U.S. and Canada, including establishing and improving best practices in corporate environments, developing better protection against potential fraud and continually minimizing the need for customer service inquiries. Once complete, the next phase will be to make the technology available to customers more broadly beginning in the summer of 2016.
“With BMO, MasterCard is hosting our first Canadian and U.S. corporate card biometric user engagement. It’s always exciting to introduce biometrics to new cardholders.They quickly realize that they don’t have to sacrifice convenience for security. By snapping a selfie or scanning a fingerprint, the person becomes the password,” said Catherine Murchie, Senior Vice President of North America Processing, Enterprise Security & Network Solutions for MasterCard.]]>