Mastercard and Visa plan to wipe out the password

We have grown used to a dialogue box with two fields asking for our username and password when we log in to our Internet accounts, including banking. Soon, we will see no more of that – at least in our banking accounts – as financial services giant Mastercard and Visa are planning to kill off the password security model.

The two multinational firms have unveiled a security system that is intended to sever their fundamental dependence  on the traditional password infrastructure for authenticating users and protecting private online accounts from unauthorized access.

Most users that have to remember their different passwords for several accounts find it intolerable to commit to memory a complex string of letters mixed with numbers and symbols as far as the ideal structure of password is concerned. With Visa’s and Mastercard’s new authentication system, users will either need to enter a master password, which is a single password that serves as a key to all accounts, or enter their fingerprint biometrics to go through the security check.

This sounds particularly helpful for users who are sometimes betrayed by their memory. The password has become tremendously problematic through the years because of the complexity associated with creating them and the increasing number of passwords that a user needs to remember. This, indeed, creates an unnecessary hassle that can easily be avoided through innovative systems. Also, passwords are the top target of hackers at present and sell them through the black market.

In addition to the one-time master password and biometrics methods, Mastercard also currently dedicates efforts on assessing the use of facial and voice recognition apps to validate cardholders’ identity when they log in.

As if that is not enough, the company is also testing how to authenticate users through their cardiac beat by using a wristband that analyzes this unique human biological activity. All in the name of giving cardholders a transaction experience that is both seamless and secure as opposed to a compromise between the two.

Mastercard and Visa are planning to start roll out the authentication system next year to replace the current method that relies on the password. This not only provides convenience in transacting online, but also ensures the security of cardholders who are constantly victimized by malicious attackers.

We keep hearing news of password hacking that often results in massive financial loss of both the consumers and the targeted financial institution. The combination of a one-time password and biometrics might offer the long overdue security that every user rightly deserves.