Announces US ‘safety net’ to reduce the risk of fraud or cyberattacks
MasterCard will be investing more than £12 million ($20 million) into cybersecurity-related technology for North America, the credit card firm has announced.
MasterCard said the move is to deliver greater peace of mind for MasterCard cardholders, merchants and issuing banks.
The firm said: “These new activities will help us continue to deliver the tools and solutions that instill a peace of mind by protecting each transaction that crosses our network.”
Among the technologies, MasterCard will launch a ‘Safety Net’ in the U.S. The solution is designed to reduce the risk of fraud or cyberattacks before issuers and processors might notice the threat. It provides an independent layer of security on top of the tools and policies of financial institutions, by monitoring and blocking specific transactions based on selected criteria.
Chris McWilton, president, North American Markets, MasterCard, said: “These new activities will help us continue to deliver the tools and solutions that instill a peace of mind by protecting each transaction that crosses our network.
“While progress is being made with the move to EMV and mobile payments, our continued investments reinforce the efforts we are taking to protect the payments system for cardholders, merchants and issuers. That’s at the heart of what our cardholders expect when they see our brand mark.”
Later this year, MasterCard and First Tech Federal Credit Union will roll out a pilot program that will enable consumers to authenticate and verify their transactions using a combination of unique biometrics, such as facial and voice recognition and fingerprint matching.
This initial test has the potential, according to MasterCard, to deliver greater security to U.S. cardholders.
“We are excited about partnering with MasterCard on this cybersecurity initiative. As the nation’s leading credit union serving the technology sector, we remain committed to providing our members with leading edge security to protect their identity and financial interests,” said Greg Mitchell, president and chief executive officer of First Tech Federal Credit Union.
“The MasterCard CyberSecurity concept is innovative, and a big step towards this commitment. We look forward to helping MasterCard bring this new technology to our member cardholders throughout America.”