When you’re trying to prevent credit card fraud, one of the key challenges is answering a deceptively simple question: how do you know that the cardholder is who they say they are? In a card-present transaction, you can make use of PINs, EMV chips, and government-issued identification verified by human eyes. Online, in the card-not-present world of ecommerce, it’s less easy. Security tools can interrupt transactions to interrogate the cardholder to prove their identity, but this is an inelegant and off-putting solution. While third party solutions have done much to tame the ecommerce landscape, sometimes it takes action from the major card networks to solve the biggest challenges. Could it be that Mastercard has found an answer to the problem of verifying digital identities?

Back in March, Mastercard presented a consumer-centered framework for establishing and managing digital identity in a paper titled Restoring Trust in a Digital World. Last month, they announced their plans to begin testing a pilot program for real world applications of their model for digital identity.

Full Text:
https://www.chargebackgurus.com/blog/mastercards-digital-identity-verification

©Chargeback Gurus 2020
Production: Tyler DeLarm
Narration: Phil Claffey