A new mobile payments standards-setting body has been created in response to the payment security issues raised by the rise of mobile wallets such as those being deployed by the likes of Apple, Samsung and Google.
Called the Mobile ID Authentication Standard (MIDAS), the group has been formed by a number of leading stakeholders in the information security community,with biometrics also set to play a major role.
On its website, the alliance adds that it aims to to establish a standard upon which different organisations can build a secure payment process that meets the US and European requirements as well as helping US organisations overcome issues they will face when introducing EMV.
Experian, Facebanx and FICO have already become the first companies involved with the MIDAS Alliance.
Matthew Silverstone, the CEO of Facebanx told Planet Biometrics; “The aim of the MIDAS Alliance was to amalgamate the world’s top tech and security companies with meeting the various challenges that the mobile wallet market presents. I was delighted to be invited as one of the founders of MIDAS and explain the complex issues around biometrics, particularly as it is a fundamental requirement of SecuRe Pay. In the end the idea that the customer could choose from any one of four different biometrics — face, voice, eye and fingerprint —seemed the easiest solution from both a customer’s and a security perspective.”
The minimum requirements of SecuRe Pay include something only the user knows, something only the user possesses, e.g. token, smart card, mobile phone, and something the user is, e.g. biometric characteristic, such as a fingerprint or face recognition.
“It is very important to create innovative solutions that improve consumers’ protection from fraud and are cost-effective enough to be able to be rolled out across the industry,” said Jonathan Williams, a director of Experian.
A first public meeting of the MIDAS Alliance will be held at FICO’s London office in Hays Lane on the 10th July at 10.00 am