MasterCard to Authenticate Online Transactions by SMS

In the face of mounting threats from hackers, MasterCard will use mobile phones to improve security for online transactions, the company said on Monday, reports PCWorld.

The added layer of security comes from a one-time password that the user is asked to enter when approving a transaction. The password is either sent via an SMS or created by an application that runs on a smartphone or a phone that supports Java.

The goal is to improve users' protection against phishing and man in the middle attacks, which are growing problems in the e-banking and e-commerce world, according to MasterCard.

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emily | 8:03 AM | SMS and Banking |
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