Mastercard Pushes Biometrics, Banks Follow

Don Quijones – Januaary 25, 2018

Mastercard has set a deadline for widespread use of biometric identification for its services across the whole of the EU: April 2019. Mastercard Identity Check, currently available in 37 countries, enables individuals to use biometric identifiers, such as fingerprint, facial, and iris recognition, to verify their identities when using a mobile device for online shopping and banking. The technology is not mandatory for customers, but from next year it will be vigorously promoted throughout the EU and many consumers will welcome it.

The impact will be felt not just by consumers but also by most European banks, since any bank that issues or accepts Mastercard payments will have to support identification mechanisms for remote transactions, alongside existing PIN and password verification. The deadline will also apply to all contactless transactions made at terminals with a mobile device.

Citing research it carried out with Oxford University, Mastercard says that 92% of banking professionals want to introduce biometric ID. This high number shouldn’t come as much of a surprise given the vast untapped value consumer data holds for banks and corporations as well the preference most banks have for electronic transactions.

https://wolfstreet.com

Italian Referendum No-Vote Could Lead Entire EU Banking System to Collapse

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SputnikNews – December 1, 2016

Italian citizens will decide on a constitutional reform in a referendum that will take place on December 4. Financial expert Ernst Wolff fears that a “no-vote” would lead to serious troubles for Italian banks and the European financial system in general.

On the one hand, the expert argues that the victory of the “yes-votes” would mean the demolition of democracy as such because the government will be given many possibilities to adopt laws that are not accepted by the population.

The reform would lead to a “strengthening of the authoritarian state,” Wolff said in an interview with Sputnik Germany.

At the same time if Italians do not vote for the changes, it will bring the Italian and European banks great difficulties, Wolff argued.

https://sputniknews.com