Credit card companies want to use your face, fingerprints for purchases

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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Mastercard and Visa are taking a new approach to credit card theft.

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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Wall Street had a wild ride in August, but in the end it turned out to be the fourth
00:09straight month of gains for the S&P 500.
00:12Earnings season is basically over, and despite a few notable blunders, the numbers were good.
00:18Profit growth for the S&P 500 rose a stronger than expected 13 percent in the second quarter.
00:23Revenue growth also topped forecasts.
00:26Focus now turns squarely to the job market.
00:29The coming week will bring data on layoffs, private employment, and it all culminates
00:34with the government's August numbers on hiring and unemployment.
00:39Turning now to the other news of the day.
00:41With online credit card fraud predicted to top $91 billion by 2028, credit card companies
00:48are exploring new ways to stop criminals.
00:51MasterCard and Visa are testing out the idea of getting rid of the practice of inputting
00:56your credit card numbers when making an online purchase altogether.
00:59Instead, they want to use your biometrics to generate a unique number called a token
01:04for each purchase.
01:06Biometrics and tokenization, as it is called, takes data encryption to a whole new level.
01:11The upside to this is it will make it much harder for criminals to get access to your
01:16credit card or PIN numbers online or at a physical location.
01:21The downside, if the biometrics software fails to recognize you, then your purchase will
01:26be rejected and a fraud alert will go out, impacting your credit card use everywhere.
01:31MasterCard, however, is confident in the technology, quote, thanks to artificial intelligence and
01:38the proliferation of smart devices, biometrics have become a powerful authentication tool
01:43using your unique fingerprint, iris, or face to confirm your identity and secure your data.
01:50MasterCard is working with bankers, payment providers, and retailers around the world
01:54to implement the new technology with full-scale testing already underway in India.
02:01That'll do it for your daily briefing from the New York Stock Exchange.
02:03I'm Conway Gittins with The Street.

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