Daon’s IdentityX Platform is being used as one of the authentication technologies behind MasterCard Identity Check.
The app-based authentication solution utilizes a mobile device to secure online payments and mobile banking applications using fingerprint and facial recognition.
MasterCard Identity Check follows a layered approach to security, including device cryptography, geolocation, and biometric verification allowing consumers to complete online payments safely.
Banks will see increase in approval rates, enhanced cardholder loyalty and a better fraud protection tool.
The technology will help merchants decrease cart abandonment, resulting in increased revenue.
MasterCard executive vice president for Identity Solutions Bob Reany said: "Recent consumer trials showed the benefit of integrating Daon’s platform, as consumers overwhelmingly preferred biometric authentication over passwords because they are easy and safe to use.
"We look forward to rolling out Identity Check this summer in the U.S., Canada and the UK."
Daon CEO Tom Grissen said: "The IdentityX Platform was designed with an eye toward the future, allowing for easy integration of new biometric modalities as they become available and to provide enhanced security over a singular reliance on device fingerprint sensors, which allows for step-up authentication on particularly risky transactions."
Daon provides mobile biometric authentication and biometric identity management solutions with deployments including payments verification, digital banking, and several others.
Image: MasterCard Identity Check. Photo: courtesy of MasterCard.
