This fall, MasterCard will start experimenting with a new program: approving online purchases with a facial scan. At checkout, you’ll be asked to hold up your phone and snap a photo. MasterCard’s thinking? It’s easier than remembering a password. “The new generation, which is into selfies … I think they’ll find it cool. They’ll embrace it,” said Ajay Bhalla, who’s in charge of coming up with innovative solutions for MasterCard’s security challenges.
This is MasterCard’s way of cutting down fraud. Currently, customers can set up something called “SecureCode,” which requires a password when shopping online. This stops credit-card-number-stealing hackers from actually using your card on the Web. It was used in 3 billion transactions last year, the company said. FULL REPORT