CST: 26/06/2016 08:45:37   

BMO Financial Group and MasterCard Begin Roll-Out of First in Canada and U.S. Biometric Corporate Card Program

94 Days ago

Corporate cardholders will be able to use selfies and fingerprint scans to verify their identify when making online purchases

TORONTO, ONTARIO--(Marketwired - Mar 23, 2016) - BMO Financial Group (BMO) and MasterCard today marked the beginning of a phased launch of the first biometric corporate credit card program in Canada and the U.S. that will enable cardholders to verify transactions using facial recognition and fingerprint biometrics when making online purchases.

The introduction of this technology will increase security when making payments that don't include a face-to-face interaction, and will be integrated seamlessly for easy use in reducing the likelihood of a card being used by anyone who is not the cardholder.

Beginning with corporate cards issued to BMO employees in Canada and the U.S., the MasterCard Identity Check mobile app will prompt participants to:

  • Scan fingerprints or snap selfies to validate their identities via biometrics; and
  • When verified, return to the merchant site to complete the online purchase

"The use of biometric technology has become more common for consumers looking for convenient and secure ways to make purchases using their smartphones, so this was the natural next step for us as innovators in the payment security space," said Steve Pedersen, Vice President, Head, North American Corporate Card Products, BMO Financial Group. "Mitigating the risk of fraud is always our top priority, and the inclusion of this technology is going to make payment authentication easier, and strengthen the security of the entire payments ecosystem."

Mr. Pedersen added that the first phase will test the potential of delivering greater security and convenience using BMO employee corporate cardholders in the U.S. and Canada, including establishing and improving best practices in corporate environments, developing better protection against potential fraud and continually minimizing the need for customer service inquiries. Once complete, the next phase will be to make the technology available to customers more broadly beginning in the summer of 2016.

"With BMO, MasterCard is hosting our first Canadian and U.S. corporate card biometric user engagement. It's always exciting to introduce biometrics to new cardholders.They quickly realize that they don't have to sacrifice convenience for security. By snapping a selfie or scanning a fingerprint, the person becomes the password," said Catherine Murchie, Senior Vice President of North America Processing, Enterprise Security & Network Solutions for MasterCard.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $699 billion as of January 31, 2016, and close to 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

About MasterCard

MasterCard, www.MasterCard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

BMO Contact:
Matthew Duffin
416-867-5394
Matthew.Duffin@bmo.com
Corporate Ink Contact:
Erin D. Caldwell
617-969-9192
ecaldwell@corporateink.com
MasterCard Media Contact:
Beth Kitchener
914-249-2058
beth_kitchener@mastercard.com
Ketchum Contact:
Miriam Sherkey
416-355-7410
miriam.sherkey@ketchum.com