Mastercard plans to ditch credit card numbers by 2030, replacing them with biometric authentication and tokenisation to fight fraud. But will Aussies accept a cashless future? This video includes ACM-produced voiceover powered by AI.
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00:00This has become a billion dollar problem that we have to fix.
00:04Are bank cards as we know them about to disappear?
00:07Mastercard has announced plans to remove the 16-digit number
00:10from credit and debit cards by 2030.
00:14Instead of numbers, cards will use tokenisation and biometric authentication,
00:19meaning payments could be made with a fingerprint, face scan or a unique digital code.
00:24Rather than getting out your card and putting in the same fixed number in all these websites,
00:30you go to your banking app, you can then spin up a single use card
00:34that you as a consumer can then control and you might decide
00:38that you only want it to be used at that one retailer or only for the next month.
00:42But it also means if the number gets stolen, it's much less valuable for the hackers.
00:48It's the latest in a bid from banks to stamp out fraud and scams for customers.
00:53In 2023 to 2024, card fraud cost Australians $868 million,
01:00up from $677 million the previous financial year.
01:04The first numberless cards will roll out through AMP this month,
01:08February 2025, with other banks expected to follow.
01:12While the move is designed to curb fraud,
01:14some Aussies worry it's another step towards a fully cashless society,
01:18raising concerns about digital banking access, security risks and biometric data privacy.
01:24Keep an eye on your bank statements just to make sure there's nothing unusual.
01:27And again, a little bit difficult because a lot of merchants have weird
01:31names that they actually trade by, so it doesn't look like there's a correlation.
01:36And of course, be wary with your passwords and always use multi-factor authentication.