American Express (NYSE:AXP), in collaboration with FIDO Alliance and World Wide Web Consortium, is piloting SafeKey 3D, a program aimed at strengthening online transaction security. The initiative, led by JJ Kieley, Vice President of Digital Identify and Commerce Experiences, was announced on Tuesday.
The Amex mobile app is central to this effort, employing one-time ID codes and alerts to increase fraud prevention measures. The pilot program is initially targeting select US consumer card members, as part of the company's ongoing efforts to bolster defenses against fraudulent activities.
According to InvestingPro data, American Express has a market cap of 111.27 billion USD and has maintained a P/E ratio of 15.33. The company has also demonstrated robust revenue growth, with a 10.52% increase in the last twelve months leading to 2023 Q2.
Biometric features such as fingerprint and facial recognition technologies will be incorporated into the company's SafeKey service. This enhancement aims to provide users with a robust yet user-friendly authentication process. The integration of these biometric features is part of a broader strategy to offer users a security experience as effortless as unlocking their phones.
InvestingPro Tips for American Express highlight the company's high earnings quality, with free cash flow exceeding net income, and its strong position in the Consumer Finance industry. The company has also been profitable over the last twelve months and is predicted to continue this trend. For more insightful tips, investors can visit InvestingPro where a total of 12 tips are available for American Express.
Looking ahead, American Express anticipates a comprehensive rollout of these features by early 2024. This move aligns with the company's commitment to protecting its customers while ensuring a seamless online checkout experience. The company's strong earnings, according to InvestingPro, should allow management to continue dividend payments, further emphasizing its commitment to its shareholders.
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