The use of PIN and password for online payments is now going to be an old fashion. Since Artificial Intelligence and Biometric technology has arrived, no pins or passwords will be required to make online payments. Users will now be able to make payments online even with their thumb or face. Since the development of this new technology, online fraud, and cybercrime will be reinforced.
- The use of PIN and password to make online payments is now going to be an old fashion, it will also prevent online fraud.
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MasterCard will use new technology
If you believe in the media report, then using this new innovation technique is going to be the first MasterCard.
The company has partnered with many UK banks for this, in which the users will now be given a card which will not require a PIN or password to make online or digital payment.
Cardholders will be able to make payments in their biometric way through their thumb.
The company believes that this method will be more secure than the current method of payment by PIN or Password or OTP.
In most incidents like cybercrime and online fraud, hackers hack users’ pins or passwords.
Even the debit or credit card cloning is also done. Apart from this, hackers can access the OTP of users by sim swap and hack the account.
Many incidents happened in the past year
After the regulation of the new European Union last year, many bank fraud cases have emerged, since then there are two types of verification methods used to make payments there.
Not only this, in India, many incidents of online fraud have surfaced in the past few years, in which the customers steal hackers money from the account.
Without the introduction of new biometric technology, payment of non-biometric verification will not be possible.
For this, the user has to be present physically. That means it would be very difficult to get online fraud.
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