AMP Bank, Mastercard Launch Australia's First Numberless Business Debit Car

Published Date : 11/02/2025 

Existing users can access their accounts using Face ID or fingerprint recognition, aligning with the growing trend of biometric authentication in banking. 

AMP Bank has teamed up with Mastercard to launch Australia’s first numberless debit cards for small businesses. This innovative move supports Mastercard’s broader plan to phase out traditional 16-digit card numbers by 2030, replacing them with more secure digital tokens. n nThe new debit cards are designed to enhance security by completely removing the 16-digit card number from the physical card’s surface. Despite this, the cards remain fully functional across Mastercard’s extensive global network. This design addresses a pressing concern in Australia, where card-not-present fraud accounts for a staggering 92 percent of all card fraud incidents. n nTo ensure robust security, the initiative incorporates multiple layers of protection, including advanced biometric authentication through the AMP Bank mobile app. During the registration process, new customers must complete a video selfie, a method proven effective by other financial institutions for identity verification. For existing users, accessing their accounts is now easier and more secure with features like Face ID and fingerprint recognition, reflecting the growing trend of biometric authentication in the banking sector. n nAlthough the physical cards do not display the 16-digit numbers, these numbers are still stored in the system. For online transactions, these numbers are replaced with unique tokens. Tokenization technology, which has been shown to significantly boost credit card security, generates temporary credentials for each transaction, rendering stolen data virtually useless to fraudsters. n nThe updated digital banking platform integrates seamlessly with core banking systems and will gradually add accounting software capabilities, enabling business owners to manage their operations directly from their mobile devices. The cards will continue to provide access to Mastercard’s global network, which includes over 150 million merchants and thousands of ATMs. n n 

Frequently Asked Questions (FAQS):

Q: What are the main features of AMP Bank's numberless debit cards?

A: The main features include the absence of the 16-digit card number on the physical card, advanced biometric authentication, and tokenization for online transactions, enhancing security and reducing fraud.

Q: How do the numberless cards protect against card fraud?

A: The cards use tokenization technology, which generates temporary credentials for each transaction, making stolen data useless to fraudsters. They also incorporate biometric authentication for added security.

Q: Can existing AMP Bank users access their accounts with Face ID or fingerprint recognition?

A: Yes, existing users can access their accounts using Face ID or fingerprint recognition, aligning with the trend of biometric authentication in banking.

Q: What additional capabilities will the updated digital banking platform offer?

A: The updated digital banking platform will integrate with core banking systems and will progressively add accounting software capabilities, allowing business owners to manage their operations directly from their mobile devices.

Q: What is Mastercard's broader strategy for numberless cards?

A: Mastercard plans to phase out traditional 16-digit card numbers by 2030 and replace them with more secure digital tokens across its network to combat card-not-present fraud. 

More Related Topics :