Your next credit card might not have any numbers. Here’s why
“If a criminal gets that card number and tries to use it, it just won’t work,” Mastercard head of security solutions Johan Gerber said. “We’re trying to render the data useless to cyber criminals so there’s just no desire to hack it any more.”
Gerber said Australia was responsible for about a quarter of fraud detected by Mastercard globally.
Fraud rates are seven times higher online than in stores, he said. Criminals routinely exploit exposed card numbers.
Gerber said: “Our investments in security are paying off, but we cannot stop investing. Numberless cards are not going to solve the problem. They are going to make things more secure, but it’s an arms race and the criminals will always find a way. The financial industry is an attractive target, no matter what your motive is. So if we stop investing, then we’ll have a big problem.”
Mastercard is the first major player to set a clear timeline for phasing out traditional card numbers, but Sawhney said others were likely to follow.
“Physical cards will be around for the foreseeable future, but they won’t need to carry the same vulnerabilities as before,” she said.
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“We want to ensure that making payments is simple, secure and seamless. By 2030, we envision a world where passwords and printed card numbers are relics of the past.
“We hope our leadership in this space will encourage others to follow suit.”
Mastercard is also adding personalisation options for its digital cards, so that consumers might have a credit card in their Apple Pay or Google Pay wallet themed to their favourite football team or band, for example.
“We know that it’s not only fun, it brings smiles to many people’s faces, but it actually shows a lift in wallet behaviour,” she said. “We see a 15 per cent card spend lift by providing these types of digital personalisation experiences.”
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