Contactless credit cards that utilize biometrics, like one recently launched by Gemalto, may help prevent identity theft.
Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Gemalto launched a contactless credit card that allows customers to make payments with a fingerprint sensor.
- The card may be the next level of secure shopping, and the company expects a larger rollout towards the end of 2018 or early 2019.
Biometric identification may combine with credit cards for the latest in secure shopping, thanks to a new contactless credit card released by Gemalto.
The credit card and SIM chip-maker recently began creating contactless credit cards with fingerprint recognition, according to our sister site ZDNet. By reducing the inserting and swiping motions and upgrading a passcode from a PIN number to a fingerprint, the new option may make transactions more secure, and reduce fraud.
Similar to using a smartphone for payments, a user would hold the card above a card reader and place their finger on a designated area on the card. The reader would compare the fingerprint to the print recorded at the bank branch where the card was set up to verify the user’s identification. The process takes a few seconds, according to ZDNet.
If the technology takes off, it may mean upgrading personal and company credit cards to a more secure option. However, card creators will need to find a way to allow multiple fingerprints to access the same card for businesses that have one card for all employees.
Additionally, business owners may need to upgrade their card readers so the security features will be able to be used. The card works with existing contactless card readers, but some businesses may not have them yet.
Currently, only Bank of Cyprus account holders are able to sign up for the card. The company is anticipating a larger roll out later in 2018 or in early 2019, according to ZDNet.
The technology builds on past biometric trends, including last year’s MasterCard that included a fingerprint sensor.