Shopping Online Gets a Security Upgrade from Mastercard
October 17 2018 - 4:17PM
Business Wire
Retailers and Payments Service Providers
Support Security Measures in Tokenization and Authentication
Shopping, buying train tickets or hailing a cab online help make
the everyday easier. In this digital age where more than half of
online shoppers save their credit card info on multiple online
sites and the industry average for online checkout is ten minutes,
there’s still room for improvement. Today, Mastercard introduces
Digital Commerce Solutions a suite of offerings that enhance the
security of stored card credentials, advance authentication to
reduce checkout errors and speed the online checkout
experience.
“As online and digital shopping experiences become part of our
everyday, Mastercard continues to maintain a focus on security,
data privacy and consumer control,” said Craig Vosburg, president
North America, Mastercard. “We’re putting the consumer experience
at the center of our efforts so regardless of where you might shop
you’ll get the best possible checkout experience without
sacrificing security.”
STORING YOUR CARD ONLINE
Mastercard today announced it will enable token services on all
cards by 2020 to make online transactions simple, seamless and
secure. With token services, consumers can store their card
credentials with a merchant or retailer without the risk of
exposing actual card account details, adding another layer of
security to online transactions without removing the convenience.
It also prevents service disruptions with a consumer’s favorite
merchants by automatically updating card credentials should a card
expire or need replacement.
Together with banks, merchants and payment service providers
Mastercard is bringing EMV-like security to digital environments.
The company is working with Adyen, BlueSnap, Digital River, Stripe,
Square, Worldpay and Mastercard Payment Gateway Services to extend
tokens to thousands of retailers. It is also working directly with
issuers such as Citi and Fifth Third Bank to convert cards on file
into tokens. Mastercard is working with Bank of America to provide
enhanced fraud scoring to help increase approval rates over
time.
VERIFYING YOU ARE YOU
Mastercard is leveraging advanced technology such as biometrics
and artificial intelligence to enable merchants and issuers to
verify a consumer is who they say they are, thereby reducing
falsely declined transactions and delivering a better consumer
experience. Mastercard Identity Check provides merchants and
issuers an easy way to support the new EMV 3-D Secure standard and
leverage enhanced security solutions to determine potential risks
and ensure more transactions can be completed with a single touch
or click.
Mastercard has worked with issuers and merchants in the United
States and Europe to enable the technology and has partnered with
merchants and issuers across the globe to begin rolling out the
technology in early 2019. The enhanced technology and insights
ensure consumers can shop where they want with ease be it in-app,
in a browser, or through an IoT device.
CHECKING OUT WITH EASE
The Mastercard digital strategy is rooted in delivering a
seamless shopping experience that utilizes tokenization and
advanced authentication through a standard checkout experience
leveraging the EMVCo Secure Remote Commerce (SRC) framework
introduced last year.
Mastercard will begin to roll out its’ solution based on SRC in
the second half of 2019. Our Masterpass acceptance network supports
this rollout, delivering a more consistent checkout experience for
consumers and reducing the multiple steps they face at different
sites today. SRC will also make it much easier for merchants to
implement and securely store tokens on file and improve their
approval rates. This supports a move toward a token only world by
building on the tokenization standards. Masterpass acceptance is
compatible to SRC.
Mastercard remains committed to providing peace of mind for
consumers, whatever method they choose to pay. In addition,
Mastercard is also working to ensure consumers are made aware which
card they have set with card on file merchants with the
introduction of new digital branding requirements. The requirements
ensure a consumer is aware they are paying with a Mastercard
credential during the checkout process whether it’s in-app, via
browser, contactless, voice-enabled devices or a QR
application.
MASTERCARD BUILDS INDUSTRY SUPPORT
“Adyen was the first to launch Automatic Billing Updater Direct
with Mastercard and we are thrilled to now add tokenization
capabilities. We see these integrations as important steps to
ensure a seamless digital commerce experience for consumers backed
by best in class security and transparency,” said Kamran Zaki,
President North America, Adyen.
“Shoppers today expect a seamless buying experience, while
trusting that merchants take the necessary steps to keep their
personal information safe,” said Eric Christensen, vice president
of payments, fraud and financial services at Digital River. “We’re
excited to partner with Mastercard to add this extra layer of
security to the ecommerce buying experience.”
“As a global payments leader, we take consumer data seriously
and this solution further compliments our security and tokenization
offerings,” says Asif Ramji, Chief Product Officer for Worldpay.
“Protecting data is paramount to what we all do in payments. At
Worldpay we develop solutions and work with partners like
Mastercard to ensure the entire payments ecosystem is more secure.
Through our partnership with Mastercard, we strive to adopt global
standards and develop technology that balances security and
convenience.”
*EMV® is a registered trademark in the U.S. and other countries
and an unregistered trademark elsewhere. The EMV trademark is owned
by EMVCo, LLC.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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Mastercard CommunicationsSarah Ely,
914-249-6714sarah.ely@mastercard.com
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