MasterCard Creates New Payment Cards With Fingerprint Sensors
Credit and debit cards are our most valued possessions. These tools give us access to our credit and bank accounts from anywhere, so it’s understandable that people want to keep them secure. When payment cards are stolen, thieves can gain the opportunity to take your money or increase your debt.
Card companies know the risk of fraud and people taking your private and personal information. That’s why they are always finding new ways to update the technology built in these cards. MasterCard unveiled its latest developments with the new fingerprint sensor-enabled payment cards.
Developments to Payment Cards
Payment cards have evolved over time. In the 1970’s, financial institutions introduced the magnetic stripe, allowing us to use ATM’s and process sales transactions without cash. The magnetic stripe is still used today, making purchasing items easier. More recently, card companies introduced the chip, which is the standard among Europay, MasterCard, and Visa.
While thieves and scammers can copy the magnetic strip, the chip cannot. Since the chip’s implementation, it’s become harder for scammers to steal and use payment card information.
Many people are already familiar with how to use a payment card. You swipe your card, and as an extra layer of security, you have to type your unique pin number. This pin prevents anyone other than yourself from using your card. Every method adds another layer of security so that only you can access your money.
New Fingerprint Sensors
Biometrics are the newest method of security for technology items. The most well-known adopters are phone makers. The newest smartphones use select fingerprints to provide quicker and more secure access to our phones. Now MasterCard is ready to introduce the technology into their payment card.
The new cards will still keep the magnetic strip and chip. However, they will add digital fingerprint scanner. Before issuing your card, your bank or credit card institution will store an encrypted digital template of your fingerprint on the chip. You have the ability to add two separate prints to the card; however, they can only be yours.
Engadget had a chance to demo the chip and notice positive results recently. You simply insert your card, put your finger on the scanner, and your purchase is complete. Editors at Engadget reports that process was fast and efficient. The card is also no different in size and shape from the general credit or debit card that you carry in your wallet.
The cards are currently available in South Africa for now. MasterCard plans to have the card debut across the world by the end of this year. As a result, we will most likely see banks and other financial institutions implement and distribute these cards to their customers soon after. In the end, the updated technology makes customer financial information safer. The new cards will also save these institutions money they would otherwise lose trying to solve fraud incidents. Hopefully, we will see the cards soon.