MasterCard Joins FIDO Alliance
The Fast IDentity Online (FIDO) Alliance is a team of companies and technology experts working on secure forms of identity authentication for the Internet. In early October, MasterCard announced that it will be joining the FIDO Alliance. It has already been appointed to the Board of Directors.
The FIDO Alliance is developing ways to protect identities online through a variety of technological breakthroughs. The group is working with biometrics, voice recognition, facial recognition and much more. It is in the process of expanding existing identification programs, such as Smart Cards, Trusted Platform Modules and USB Security Tokens. The Alliance hopes to improve payment methods and do away with multiple usernames and passwords
FIDO was formed in July 2012, and MasterCard is the first card company to join the Alliance.
“We believe our involvement with the FIDO Alliance, as well as other activities across the industry, will help deliver strong security for consumers, merchants and issuers without impacting the consumer buying experience,” said Ed McLaughlin, chief emerging payments officer of MasterCard.
FIDO’s new developments are designed to be completely customizable while still operating off the same infrastructure. The group wants all of its members to be able to fully benefit from the technology without losing site of their overall goals.
“Payment providers such as MasterCard need to have authentication choice and control, as FIDO specifications ensure, to determine what works best for their business and their customers,” said Michael Barrett, president of the FIDO Alliance. “The FIDO Alliance welcomes MasterCard to the board of directors, and we praise MasterCard for helping to lead an industry to much needed relief from passwords and PINs.”