HSBC deploys selfie security: are passwords finished?

By Real GDPR

HSBC is allowing its business customers to open new bank accounts by taking a selfie, cutting out the need to visit a branch and verify their identity in person.

It is the latest in a string of moves by banks away from traditional security and verification methods, namely the use of passwords. HSBC has already launched voice and fingerprint technology for 15 million customers, while Barclays has also scrapped phone passwords in favour of voice recognition.

Steven Cooper, CEO of Personal Banking at Barclays, commented in August: “We can all relate to the frustration of forgetting a password at the crucial moment. Voice security can cut out that part of the call completely and, unlike a password, each person’s voice is as unique as a fingerprint.”

MasterCard is driving this move towards biometric payment and security technologies. In March, BMO Financial Group (BMO) and MasterCard marked the beginning of a phased launch of the first biometric corporate credit card program in Canada and the U.S. that enables cardholders to verify transactions using facial recognition and fingerprint biometrics when making online purchases.

Speaking at the time, Steve Pedersen, Vice President, Head, North American Corporate Card Products, BMO Financial Group, said: “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. 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.”

MasterCard is currently piloting a ‘selfie pay’ system, whereby shoppers can pay for goods up to a certain value with a photo of themselves, a step up in security from contactless cards, pins and passwords.

Business Review Europe will be interviewing MasterCard in an upcoming magazine issue – watch this space to see how the global payments company is leading the way in new security technologies.

Read the September 2016 issue of Business Review Europe magazine. 

Follow @BizReviewEurope


Featured Articles

Age of the CISO – a new chapter for cyber security

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Exclusive: Making the UAE a global force in cybersecurity

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on plans to build the world’s most secure digital society for a safer society

UAE cyber leaders – back to basics to prepare for the future

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

Top 10: Procurement & Supply Chain LIVE speaker highlights

Leadership & Strategy

10 apps to improve wellbeing on World Mental Health Day

Leadership & Strategy

Meet the COO: Brook Sims of MAC Diversity Recruiters

Leadership & Strategy