Mastercard will join forces with Samsung to explore new ways for customers to securely verify their digital identity through their mobile devices.
Passwords still dominate online authentication, however, they are rapidly becoming outdated. Sophisticated fraud tactics can easily access consumers’ passwords using their own unique algorithm.
Furthermore, consumers often have multiple passwords for different accounts and sites making it more difficult to remember each one. To access sites, users must repeatedly provide large amounts of personal information to numerous agents.
The more that information is shared, the greater the risk of scam attacks. Consumers increasingly have less control over their personal digital identity.
President of cyber & intelligence at Mastercard, Ajay Bhalla, said: “Our digital and physical lives are merging and we need a digital identity solution that reflects this reality. Without control over how their data is used, people rely on outdated systems that can compromise their security. Our collaboration with Samsung advances a digital identity solution that is bound to a trusted device – the mobile phone – which is used by millions of people every day.”
Mastercard Samsung digital identity mission
The Mastercard and Samsung digital identity mission will soon enable customers to access a digital identity capability on their devices.
These will be accessible for both the physical and digital worlds. Furthermore, consumers will have a more efficient and secure way to interact with businesses.
From opening bank accounts to shopping online, the verification process will be more convenient but still highly secure. The collaboration with Samsung builds on Mastercard’s commitment to improve how people manage and use their digital identity.
EVP and head of service business office at Samsung Electronics Mobile Division, Yongje Kim, commented: “At Samsung, we believe consumers should be in complete control of the privacy and security of their personal identity and we’re excited to work with Mastercard to bring the first digital identity solution to Samsung smartphones.”